Good day, I have a couple of children that are now working and in school. We file as married filing jointly, but have not filed the children’s taxes. Do they file on their own? Also they are to attend school, but don’t qualify for much from FSFA. If I pay out of pocket, is there deductions we can get for this expense? Also self employed.
thank you!
Thank you for your response.
Also on the part of paying full for their school, example $13k. Any way to get some deduction for their school expenses if we pay?
Yes, if you claim the students as dependents, you can claim an education credit- up to $2,500 refund - if you qualify. IRS Q & A about education credits: To claim the full credit, your MAGI, modified adjusted gross income (See Q&A 13 for MAGI definition) must be $80,000 or less ($160,000 or less for married taxpayers filing jointly). If your MAGI is over $80,000 but less than $90,000 (over $160,000 but less than $180,000 for married taxpayers filing jointly), the amount of your credit is reduced. If your MAGI is over $90,000 ($180,000 for married taxpayers filing joint), you can't claim the credit.
Since you have a 23 year old, you can amend the 3 prior years to claim the credit - if you qualify in any of those years.
See What education tax credits are available?
In the future, you can verify if the kids qualify as dependents with a quick quiz, Dependent.
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