Is your child's college tuition tax deductible for the parent?

The American Opportunity Tax Credit (AOTC), formerly known as the HOPE scholarship credit, can be very beneficial for parents who are funding their kid's college education. read more

If the child is a dependent, then the parents can deduct up to $4000 of the tuition that is not covered by scholarships - including portions that are paid by loans, or out of the child’s funds. The child must qualify as a dependent (which most full-time undergraduate college students do). read more

Yes, paying for your son's College tuition is deductible. He should also receive a Form 1098-T, Tuition Statement which reports the amount of qualified education expenses paid by the student (or you) during the tax year. Educational institutions you paid tuition to should send you this form by January 31. read more