Student Loan & Education Tax Topics

Education

Education: Deductions, Credits, and Answers

There’s no doubt about it, education tax benefits can make a huge difference in your refund. The American Opportunity Tax Credit (AOTC) typically offers the largest tax break. But if you don’t qualify for that, there’s always the Lifetime Learning Cr... read more

Student Debt Relief Plan: Am I impacted?

On August 24, 2022, President Biden, Vice President Harris, and the U.S. Department of Education announced announced a three part student loan debt relief plan to help federal student loan borrowers following the pandemic. The three part plan include... read more

This answer has been verified for accuracy by an Intuit expert employee Form 8615 Line 9 Instructions

Hello, For the 2024 tax year, I am trying to figure out why TurboTax used the Schedule D Tax Worksheet to calculate Line 9 on Form 8615 vs. the Qualified Dividends and Capital Gains Tax Worksheet. My situation: Form 8615 Line 8 includes amounts from ... read more

1098-T Box 5 includes health insurance remission — misclassified as scholarship/fellowship?

I’m an international student (RA already) who received a 1098-T this year. I noticed that Box 5 includes a health insurance remission, which I understand to be an employment-related benefit (not a scholarship or fellowship).The issue seems to be that... read more

When my son is not a student, my daughter's LLC is $2000. When my son is a student, my daughter's LLC is $1,400 and my son's is $600..

When my son is not a student, my daughter's LLC is $2,000. When my son is a student, my daughter's LLC is $1,400 and my son's is $600. When my son is a student, why did my daughter's LLC not stay at $2,000? Thanks! Q PS... I think this is my last que... read more

How to maximize Lifetime Learning Credit (LLC)?

I am planning to take tomorrow off and file my 2022 tax return. (Any helpful advise is appreciated!) As of 2022, my 2 dependent child have received the American Opportunity Tax Credit (AOTC/AOC) four times. In 2022, my son was a junior and dealing wi... read more

If itemized deductions are $2K less than the standard deduction, will 1098-T Box 1 minus Box 5 = $8,000 push me over the standard deduction amount?

Currently, my itemized deductions are $2,000 less than the standard deduction. Box 1 on my son's 1098-T is $15,000 and Box 5 is $7,500. If I enter my son's 1098-T and $500 in Other Educational Expenses, will my itemized deductions be greater than the... read more

How do i report my son's 1098-t if he got two?

For tax year 2022, How do i report my son's 1098-t if he got two?

Can I count on this?

tuition high school and university same year

How do I enter tuition from private high school and university in same year? The university issues 1099t but high school does not. I ask this so not to get penalized on a 529 distribution. Does TT allow for a student to be registered as both HS and U... read more

529 Qualified Expenses Qeustion

I purchased a condominium for my dependent college student to live in while registered as a full-time student 800 miles from home. I realize that I can't use 529 funds to pay the mortgage on this property. Can I use 529 funds to pay utilities (electr... read more

Why is taxable part of Education Assistance not populating in 1040, Schedule 1, line 8r?

From the Student Information Worksheet, Part V, line 9 "Taxable part" is $8,250, but Schedule 1, line 8r "Scholarship and fellowship grants not reported on Form W-2" is blank? Where does the taxable part of Education Assistance populate on the 1040?

where do i deduct tax paid to italy on usa interest income since i am resident in italy but a usa citizen?

...in 2024 I moved to Italy and became an Italian and because I reside in Italy and pay tax on worldwide income, including USA bank interest income, where do I show the tax credit (treaty related, as I have no foreign income as it relates to the USA)... read more