- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Should I split the tuition with my oldest kid and then I claim only $5000 to avoid being audited?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Seniors and students
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Seniors and students
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Seniors and students
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Seniors and students
$7000 is well below the basic personal amount, so he won't have tax owing. Both kids have to report their tuition on this years' returns in order to carry forward. TurboTax will state how much is available to carry forward or transfer. Once the amount available to carry forward or transfer is determined by the program, it is technically your child's decision if they want to carry forward for next year (or up to five years from this tax year), or transfer it to you.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Seniors and students
Thanks for the details. You will need to first report the tuition paid on your children's returns, if they can't benefit from the tuition credit, then you will be able to claim up to $5000 per child on your return. You will need the children to complete the T2202A (Statement of tuition credits from their college/university) and sign it to you.