Who should take the educational tax breaks, me or my child?
That’s a great question! The answer is: It depends.
The first question should be: Is the student a dependent? If you claim the student as aMost students do not even make enough money to owe taxes, in which case it is usually advantageous for the parent to take the tax breaks.
So when should the student take the Tax Breaks?
If the student is no longer a dependent, is married or no longer relies on their parent for support, then it’s a clear cut case where they should take the tax breaks.
Have questions about education-related tax breaks and other dependent deductions? Contact Zinner’s Tax Team.