do I get to deduct any of this college tuition off my taxes?

[Anonymous]

Anonymous wrote:Get your company to pay you as a 1099 and Start an llc for your family! I don’t know if it’s legal but I thought about doing it for youth travel sports expenses. lol.

how does this help?

[Anonymous]

so .. wait. if you make under 180 MAGI and have 2 kids in college, that's a 5k tax credit?

it's not a lot but it's not nothing

[Anonymous]

Anonymous wrote:

Anonymous wrote:If your income is less than 90k/180k you can get a tax credit. Otherwise the 529 is the tax break— no tax at all on gains.

I can have no taxes on regular investment account. 529 is not a good deal at all. It takes the tax credit from people who don't know any better.

Trying withdrawing 200k from an investment in a brokerage account and see if you pay no taxes. Talk about people who don’t know any better.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If your income is less than 90k/180k you can get a tax credit. Otherwise the 529 is the tax break— no tax at all on gains.

Worth only $2500 so insignificant when looking at a SLAC at $95k a year

We all make choices.

Pro tip: no school is worth $95k a year.

[Anonymous]

Anonymous wrote:My kids are graduated, but it’s only the minimal credit off the top of your income. You should receive a tax form from each college.

Deductions reduce income. Credits reduce tax liability dollar for dollar. Know the difference.

[Anonymous]

I wish

[Anonymous]

2500! Per kid. If you can drive your MAGI down. If not, have your kid file on their own and dont claim them, since the child tax credit likely also phases out for you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Get your company to pay you as a 1099 and Start an llc for your family! I don’t know if it’s legal but I thought about doing it for youth travel sports expenses. lol.

how does this help?

DP. I think he is saying you can pay a certain amount (I think like $12K) per kid before tax as working for the family business. Any business related travel like attending a business related conference is also deductible. And continue to salami slice it till you get to $100K.

Straight up - capped at I think $7500 per kid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:anyone know money stuff?

2 kids. I'm spending over 120k a year in tuition etc. Some of it I can draw from 529

do I get to deduct any of it? these kids are listed as dependents (bcs they are)

I’m
Spending $200k year in tuition for 2. Answer: no.

Is this a contest?

$ 200k a year is financial stupidly

[Anonymous]

Anonymous wrote:

Anonymous wrote:Get your company to pay you as a 1099 and Start an llc for your family! I don’t know if it’s legal but I thought about doing it for youth travel sports expenses. lol.

how does this help?

Well you could deduct college education expenses from your income…not sure it would be legal

[Anonymous]

Anonymous wrote:President Bartlett tried to make this happen but Washington was too divided in the fictional early aughts so he had to settle for the tiny tax credit. Blame Alan Alda maybe?

This doesn’t bend — so it’s not funny.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:anyone know money stuff?

2 kids. I'm spending over 120k a year in tuition etc. Some of it I can draw from 529

do I get to deduct any of it? these kids are listed as dependents (bcs they are)

I’m
Spending $200k year in tuition for 2. Answer: no.

Is this a contest?

$ 200k a year is financial stupidly

Not for those with means.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Get your company to pay you as a 1099 and Start an llc for your family! I don’t know if it’s legal but I thought about doing it for youth travel sports expenses. lol.

how does this help?

DP. I think he is saying you can pay a certain amount (I think like $12K) per kid before tax as working for the family business. Any business related travel like attending a business related conference is also deductible. And continue to salami slice it till you get to $100K.

Straight up - capped at I think $7500 per kid.

Right, so you can commit tax fraud. fun.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:anyone know money stuff?

2 kids. I'm spending over 120k a year in tuition etc. Some of it I can draw from 529

do I get to deduct any of it? these kids are listed as dependents (bcs they are)

I’m
Spending $200k year in tuition for 2. Answer: no.

Is this a contest?

$ 200k a year is financial stupidly

I guess it depends - will the kids be able to write a coherent sentence?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:anyone know money stuff?

2 kids. I'm spending over 120k a year in tuition etc. Some of it I can draw from 529

do I get to deduct any of it? these kids are listed as dependents (bcs they are)

I’m
Spending $200k year in tuition for 2. Answer: no.

Is this a contest?

$ 200k a year is financial stupidly

Not for those with means.

Then why is OP whining about tax deductions. Pay up!