I need help with Income Taxes, Deductions or credit for tuition payments.

My 15 yr. old was accepted into Fairfield College Preparatory School (CT) for 9th grade last year and we received $10,000 scholarship in response to financial aid paperwork I filled out. I pay through a 10 month payment plan through FACTS MGMT. I’ve paid over $4,000 most in monthly withdrawals from my savings account per the agreement. I emailed the admin. At the school to find out whether this is deductible... no one knows.

I have asked countless people that prepare free taxes where I work (non-profit agency),they do not know whether this is deductible on my taxes? (they do ez forms) I've searched the IRS website also. After reading 10 pages of the scholarship and education credits (990) I get bleary-eyed.

Can't I qualify for lifetime learning credit?

Can someone please help me? Can I claim any of that money paid out? I pay for lunch and also drop him off and pick him up during my lunch hour every day so there no transportation costs. But I’m thinking of trying to get him a train pass for next year if I can afford it. I live in Bridgeport and have 3 other children ages, 4, 10 and 13.

If I cannot get some credit or deduction on my taxes for the money I've already paid out
What about next year when my second son will also be attending FCPS. How can I save?
I've read about Coverdell ESA (is this like the Flexible spending account?) Where you can deduct it pre-tax from your pay and then get reimbursed and save on taxes? Or is can you open up an account with the bank specifically for this to save?

Please help.



I was paying for our medical co-pays plus health care payments, and medicine before I found out about (FSA).


How can I do it right next year?

You CAN use the Coverdell ESA to pay these costs, but the tution and other fees are NOT deductible nor are they eligible for the Lifetime Learning Credit.