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

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

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

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

Form 1099-R Summary

Where specifically does the info that populates on Form 1099R Summary flow from on Turbo Tax Deluxe 2024?

Should my dependent college girl file tax return for the $3500 undesignated grant that we used for room? Is this unearned income that above $1300 she must file return?

Are there any stimulus package for me a disabled student?

Possible Bug: Cannot Edit and Complete Form 8615 on Dependent Child's Taxes

TurboTax Premier 2024 Desktop Version on a PC, Windows10. Fully updated. 20+ years ttax user Entered dependent child's information into ttax. AGI exceeds threshhold of $2600. Should trigger Form 8615 but it does not. I opened form 8615 to try to corr... 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

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