Is there any tax-deductible way to help fund my siblings' education?

Question

My brother is in college and my sister is attending a private high school. I would like to help my parents pay for their education. Is there any way to do this that would be tax-deductible?

score 3 · Answer 1 · answered Jun 30 '11 at 05:08

3

You can contribute to a 529 plan for the benefit of your siblings.

(source)

Even better: Show them how to work around the system. (Not my website; not an affiliate link.)

answered Jun 30 '11 at 05:08

mbhunter

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score 3 · Answer 2 · answered Jun 30 '11 at 13:43

The answer is closer to a "no." The breaks are geared toward allowing a tax deduction for interest on student loans, not a deduction for the education cost itself. @mbhunter's answer is great for the parents saving for a college education in the future, the growth in a 529 is tax free when used for higher education.

@tghw - you are kind to want to help. But it won't reduce your tax burden.

Is there any tax-deductible way to help fund my siblings' education?

2 Answers2