Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 

Can my daughter's unused college tuition amounts deduct her future work or business income tax? If not, what is the purpose for these credits?

My daugter is now studying in the university and has no any income. Assuming the same situation for four years, she will have pretty large unused tiotion and other amounts credit leftover after filing her tax return and transferring to us every year.

1 Best answer

Accepted Solutions

Can my daughter's unused college tuition amounts deduct her future work or business income tax? If not, what is the purpose for these credits?

Yes, the tuition can be carried forward to a future year when she has income and used to reduce taxes payable. She can also transfer part of her current year tuition to a spouse, parent or grandparent to reduce their taxes payable. https://turbotax.community.intuit.ca/replies/2648040


View solution in original post

1 Reply

Can my daughter's unused college tuition amounts deduct her future work or business income tax? If not, what is the purpose for these credits?

Yes, the tuition can be carried forward to a future year when she has income and used to reduce taxes payable. She can also transfer part of her current year tuition to a spouse, parent or grandparent to reduce their taxes payable. https://turbotax.community.intuit.ca/replies/2648040