College tax question

[leahjade]

What's the maximum tax credit you can take per family - I have two kids in college? Thanks

 

[undertheradar]

The real question is: What's your income? That is what determines your answer.

 

[Sadie22]

If you need information regarding tuition tax credits, search the irs.gov site for that information.


http://www.irs.gov/pub/irs-pdf/p970.pdf

 

[leahjade]

we are way under the minimum for any tax credit decreases. It's just confusing when you have more than one child in college. Someone told me the maximum is $4000 per family but I saw somewhere else where it said $2500 per student.

 

[Sadie22]

we are way under the minimum for any tax credit decreases. It's just confusing when you have more than one child in college. Someone told me the maximum is $4000 per family but I saw somewhere else where it said $2500 per student.

That's because it depends on which credit or deduction for which each family member qualifies. You really need to read the entire publication #970. I used Turbotax which helped me determine for which credit or deduction each family member was eligible and what would give us the highest credit or deduction. We had a dependent and a parent taking classes at the same time.