Student Loan & Education Tax Topics

Education

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

How get the most deduction of 529 plan in Virginia

Hi, my kid is a freshman at UVA, and we are considering opening two 529 accounts between my wife and me to maximize the Tax deduction next year. Is this realistic? My wife and I jointly declare the taxes. Virginia allows up to $8k tax deduction for c... read more

This answer has been verified for accuracy by an Intuit expert employee College student aged out per IRS dependent rule, attending college and being financially supported (no earned income

College student, 29 years of age, has exhausted AOTC. Will be financially supported to attend school (living at home, tuition and related expenses paid by parent). Q1: Parent can no longer claim child as dependent, correct?A1: Yes or No Q2: Is child ... read more

This answer has been verified for accuracy by an Intuit expert employee 529 Plan and Scholarships

My son's room and board for the college dorm for 2024 was $16,000. His tuition for 2024 was $52,000. Total tuition plus room and board was $68,000. Distributions from the 529 plan for my son to pay for these items were $45,000. My son will be the rec... read more

Can I file a school tax (SD100) using TurboTax?

How can I remove the American Opportunity Credit from my 1098-T form? Turbotax automatically is applying it. I still want to keep my Lifetime Learning Credit.

I do not want to remove my 1098-T form completely because then I would lose the Lifetime Learning Credit. IRS sent me a notice that I've claimed the AOC already for four tax years.

Can I claim a charitable contribution for paying for a grandchild's tuition

Can I claim a charitable contribution for paying for a grandchild's tuition, where the money is paid directly to the school, and they apply it to tuition. Does it make a difference if it is an elementary school, high school, or college?

This answer has been verified for accuracy by an Intuit expert employee Transferring 529 money to a non-dependent child

So, daughter A has completed college, there is still about $1200 in her 529 account (actually it's a kickback from a CC). Daughter B (although older) is still in school working on a doctorate. She is no longer a dependent. Daughter B's tuition is cov... read more

Dependent

If someone claims me as a dependent and I owe student loans to the school, can their refund be taken?

Can you sent me a copy of my W-2 please for my son’s school grant?

I need to submit it ASAP or else the school will not grant him a scholarship grant.

How does a FT student determine her self support status? Lives on campus and 99% of her expenses are college payments (tuition/room/board). Is it based on who pays it?

She worked during the year and paid for about 53% of her tuition from her earned income. The rest was paid from 529 plan that’s managed by her parents.

Can I get reimburse from 529 for subsidize loan that used to pay toward education expenses in the same year?

Please help, $62,150 Estimated qualified expenses on 1098T $28,520 School Grants$10,442 Subsidized loan borrow in 2024$23,188 Pay from 529 account 1) Am I allowed to reimburse from 529 for the loan amount of $10,442 since it was used to pay for tuiti... read more

Is financial aid for college considered income for my dependent?

Can I remove the American opportunity tax credit, as I've claimed it too many times. Id like to claim a different tax credit if possible. No way to do it myself?

I've received a letter from the IRS stating that I've claimed the American opportunity tax credit too many times. I'm trying to file an amended return and remove the credit, possibly replacing it with another credit if I'm able to. I'm not seeing a w... read more

529 distribution CA

I'm about to get reimbursed from a 529 for r&b. I know that we can only do that up to what would be the cost if kiddo was living on campus. Should that reimbursement go to kiddo, whom I'm claiming as a dependent, or to kiddo or does it matter as it s... read more

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Featured Topics

Student Debt Relief Plan: Am I impacted?

How get the most deduction of 529 plan in Virginia

This answer has been verified for accuracy by an Intuit expert employee College student aged out per IRS dependent rule, attending college and being financially supported (no earned income

This answer has been verified for accuracy by an Intuit expert employee 529 Plan and Scholarships

Can I file a school tax (SD100) using TurboTax?

How can I remove the American Opportunity Credit from my 1098-T form? Turbotax automatically is applying it. I still want to keep my Lifetime Learning Credit.

Can I claim a charitable contribution for paying for a grandchild's tuition

This answer has been verified for accuracy by an Intuit expert employee Transferring 529 money to a non-dependent child

Dependent

Can you sent me a copy of my W-2 please for my son’s school grant?

How does a FT student determine her self support status? Lives on campus and 99% of her expenses are college payments (tuition/room/board). Is it based on who pays it?

Can I get reimburse from 529 for subsidize loan that used to pay toward education expenses in the same year?

Is financial aid for college considered income for my dependent?

Can I remove the American opportunity tax credit, as I've claimed it too many times. Id like to claim a different tax credit if possible. No way to do it myself?

529 distribution CA

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Featured Topics

This answer has been verified for accuracy by an Intuit expert employee College student aged out per IRS dependent rule, attending college and being financially supported (no earned income

This answer has been verified for accuracy by an Intuit expert employee 529 Plan and Scholarships

This answer has been verified for accuracy by an Intuit expert employee Transferring 529 money to a non-dependent child

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