I paid tuition for my daughter's med school last year. Is this tax deductible in any way? She is a dependent and makes no money on her own. She is 23 years old.

Forum|Forum|5 years ago
July 12, 2020
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The money itself came out of a UTMA that hadn't been fully transferred to her SSN (mine was still on the account) so I've also had to pay capital gains on the sale of stock from the UTMA. I don't think that's "recoverable" but wondered if the tuition payment itself has any tax benefit for me.

TurboTax Premier Online

SusanY1

The capital gains on the UTMA should be on your daughter's return, even if your social security number was also on the statement. UTMA/UGMA accounts are the irrevocable property of the minor at all times. It is common for the accounts to also have the social security number of the custodian listed as well, but the income should be reported on your daughter's tax return.

For the tuition paid, since she is still your tax dependent you can enter the tuition expense in the Education section of TurboTax to see if you qualify for a deduction or credit.

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