Legal way to deduct tuition fees paid for my children ( Oregon)

[MirceaM]

Oregon

Please let me know if there is a legal way to deduct on my taxes the tuition I
pay for my children’s college if I pay from my personal income ?
Is there a way that a business can pay for owners children tuition expenses?

 

[TheGeekess]

Oregon

Please let me know if there is a legal way to deduct on my taxes the tuition I
pay for my children’s college if I pay from my personal income ?
Is there a way that a business can pay for owners children tuition expenses?

www.irs.gov

 

[FlyingRon]

More specifically: http://www.irs.gov/publications/p970/index.html

 

[LdiJ]

Oregon

Please let me know if there is a legal way to deduct on my taxes the tuition I
pay for my children’s college if I pay from my personal income ?
Is there a way that a business can pay for owners children tuition expenses?

There are three options:

There is the American Opportunity Credit which is available for students in their first 4 years of college, attending at least half time. It is available to students whose income (or whose parent's income) is less than 180,000 for married filing joint filers, and 90,000 for single or head of household filers. The maximum credit is 2500.00.

There is the Lifetime Learning Credit which is available for students in any year of higher learning, attending any amount of time. The upper income limits there are 124,000 for married filing joint and 62,000 for single or head of household filers. The maximum credit is 2000.00.

There is the Tuition and Fees Deduction, available for any year of school. The upper income limits are 160,000 for married filing joint and 80,000 for single or head of household. The maximum deduction is 4000.00.

There are other rules involved with each of these deductions/credits which can be read in the publication previously posted on this thread.