2007-08-24 10:45:27 · 5 answers · asked by karzee62 1 in Business & Finance ➔ Taxes ➔ United States
only if she is your dependent, which from you saying "married" daughter, I doubt that she is. Sorry.
2007-08-24 12:53:08 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If your daughter is not your dependent then you do not get to use the Tuition and Fees Deduction, Hope Credit, or Lifetime Learning Credit on your federal tax return.
If you pay the money into a 529 plan for your state, you may get a tax break on your state taxes. The money will then pay the college tuition, it doesn't have to sit in the account any period of time.
If you give the money to your daughter and she pays the tuition, she may be able to take advantage of a tax benefit on her return.
2007-08-24 12:26:30 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
Only if she is your dependent. And if she is married and living with her spouse, she cannot be your dependent.
But it is a kind thing to do and will offer benefits to your descendants.
Even those who can take the tuition credit are getting less each year if they are subject to the Alternative Minimum Tax - By the way , contact your State Senator in Washington to ask them to get rid of AMT! It stinks!
http://www.irs.gov/taxtopics/tc457.html
2007-08-24 11:00:07 · answer #3 · answered by Wood Smoke ~ Free2Bme! 6 · 2⤊ 0⤋
Not unless you can claim her as a dependent. Only in rare situations could you claim as a dependent a married child living with their spouse.
2007-08-24 14:29:48 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
ask your cpa.
2007-08-24 10:53:24 · answer #5 · answered by Anonymous · 0⤊ 2⤋