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

Both 529 and Scholarship for Room and Board are taxed?

My daughter received a scholarship for all expenses (tuition, room, board, books, transportation etc. We withdrew the same amount from her 529. I understand the 10% penalty is not applicable; however, is it correct that she/we pay taxes on both the r... read more

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

1099Q report or not?

I received a 1099-Q and would like to know if I need to report it on my tax return.I am the recipient, and my daughter is the beneficiary. The gross distribution was $22,000, which I used to pay for her tuition. TurboTax prompted me to enter the 1099... read more

How do I get a copy of my 2023 1098

Dependent 24,000.00 scholarship and had 10,600 in box 1 1098 T. Used remainder for room/ board. Purchased laptop required for school for $1500. AOC credit?

AOTC

I graduated with a BS in December 2023. I was not making payments during that time due to course load so did not qualify for the AOTC previously. My 1098-T says I was still enrolled at least half-time for the 2024 tax year and I have been paying off ... read more

Did you receive a Form 1099-Q for distributions from a QTP?

Ref.: TurboTax Interview Question under "Tell us about your educational plans"... Did you receive a Form 1099-Q for distributions from a Coverdale ESA or a qualified tuition program (QTP)? When completing my wife's and my return, is the answer "No" i... read more

1098-T Box 1 is empty, but it does not make sense to me. Can someone please explain?

Education expenses is the last section for me to complete before I can file my 2022 taxes and I am at a dead stop early in the section. Given the reporting pattern of my daughter's alma mater, an empty 1098-T Box 1 does not make sense to me. Can some... read more

Qualified Education credit issue keeping me from filing GA return

I have spent hours trying to get my return filed with the Qualfied Education Credit on my GA return preventing me from e-filing. I have followed the instructions and put the credit amount on my Federal return as a GA state tax payment. When I run the... read more

where do I deduct education expenses (tuition,room, board, etc.) paid with student loan?

housing paid with student loan

Where do I enter room and board expenses paid by Coverdell ESA distribution, but not included on 1098-T?

Where do I enter room and board expenses paid by Coverdell ESA distribution, but not included on 1098-T? I am using Turbo Tax Home and Business desktop. Based on TT On Demand Tax Guidance:"Generally speaking, room and board isn't considered a deducti... read more

Study Abroad Tax deductible

I recently had the opportunity to go study abroad in University, I'm paying for these out of pocket: AirfaireBooksPickup and drop off from airportCould I claim these in my taxes? I'm also a fulltime student if that helps