<p>I read somewhere that some of the college tuition is tax deductable. Anyone gear this before?</p>
<p>Yes- but the benefit depends on your income level. If the parents try to claim tuition as a deduction but their income is too high, they will receive no benefit (I don't know the cut-off.) </p>
<p>The student can claim it as a deduction but he will have to claim himself on his tax form and the parents cannot- so the parents lose the dependent deduction. In order for the student to claim himself, he will have had to provide for at least 1/2 of his living expenses. </p>
<p>The benefit all depends on the parents and the student's income level so try it both ways and see if it makes a difference.</p>