Did you know that your adult child/grandchild can transfer their unused education deductions to you? If they forgot to deduct these education deductions in past years they can go back to previous years and transfer them to you as well.

As you know an education can cost mega dollars and sometimes the person going to school is no longer considered a child for tax deduction purposes but if they have virtually no income because they are in school they can give you thousands of dollars worth of tax deductions. It does not matter who paid for the education, where they live, how old they are or if they are using a student loan to pay for the education. After they use what they need to reduce their taxable income to zero they can pass the remaining deduction to you if you are mother or father, grandmother/grandfather, stepmother/stepfather.

Just imagine how much money you could get back if you could claim an addition $5000. tax deduction going back several years.

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