Tution & Education Amount Carry Forward Hi Everyone,
I recently moved to USA with my family. My son is currently a FT student and works part time jobs. During the year 2012, his total income was only $7000.
This year we got 1098T from his university and were wondering if we HAVE to claim the tuition and education credits when we file the tax returns this year (for 2012).
Isn't it possible to carry forward the deductible amount for future when he starts earning higher income and be able to claim it then ?
If its possible, is there any timeline to useup all the credits ?
Kindly let me know.
Thanks
Sean. |