I have two kids in college, both are dependent on us and live at home. They are both however getting student loans which do not cover all tuition and books, and so we cover what the loans do not. They both received 1099 forms in the mail in their names for the tuition expenses. Can we put this on our taxes even though the forms are in their names?
Correction, the form that they received is the 1098T .
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#1 by TeamTurboTax on July 26th, 2010
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Yes, if claimed as dependents, you claim the tuition benefits on your taxes. If they qualify for the American Opportunity Credit, you can also claim their textbooks as course materials.
From IRS pub 970
Expenses paid by dependent. If you claim an exemption on your tax return for an eligible student who is your dependent, treat any expenses paid (or deemed paid) by your dependent as if you had paid them. Include these expenses when figuring the amount of your education credit.
#2 by Max Hoopla on July 27th, 2010
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It is not a 1099, it is a 1098-T. Complete Form 8863, Education Credits and put the result on Line 49 of Form 1040.
#3 by tro on July 27th, 2010
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these are used in the education credits, Hope, Lifetime and the new American Opportunity credit
they are not itemized deductions they are credits right after your Gross income total
#4 by Hallo on July 27th, 2010
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