Re: Unused tuition and education amounts from previous years 15,392.34 Where does this number come from and am I able to use the $5000.00 maximum as a deduction as a parent?
Unused tuition and education amounts from previous years 15,392.34 Where does this number come from and am I able to use the $5000.00 maximum as a deduction as a parent?
Unused tuition and education amounts from previous years 15,392.34 Where does this number come from and am I able to use the $5000.00 maximum as a deduction as a parent?
Firstly,Tuition is a non-refundable credit, not a deduction. Big difference.
Secondly, can you transfer Tuition credit from previous years to a parent?
No you cannot. Only tuition credit earned from the current tax year ( ie 2020 filing year) can be transferred .
Your carried forward tuition credit can only be used by you the taxpayer. If you cannot use it. It gets carried forward to the next tax filing year. ( ie 2021).
Unused tuition and education amounts from previous years 15,392.34 Where does this number come from and am I able to use the $5000.00 maximum as a deduction as a parent?
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