My son attends college in Florida. His tuition is paid through the Florida prepaid tuition program, which we purchased on his behalf when he was very young. In addition to the prepaid program, he has received the Florida Bright Futures scholarship as well as a scholarship from the school. Since his tuition is paid through the prepaid program, the Bright Futures and school scholarships are applied to his dormitory expenses and other fees, and anything left over is paid to him for his use on textbooks, etc. Since his actual tuition costs come from the Florida prepaid program, which we purchased, can we claim our cost basis in that program as an educational credit on our tax form (either Hope or lifetime)? The tax form seems to say that we would have to reduce our credit by other scholarships received, but the scholarships weren't actually used for tuition; they were used for housing, other fees and textbooks.
- posted
19 years ago
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