in Education
You'll need to sign in or create an account to connect with an expert.
Please enter the 1099-Q FIRST, and then the 1098-T, as well as all other education expenses.
Be aware that the program my ask if you want to apply any of the expenses to an education credit FIRST, which could result in taxable income on the earnings of the 1099-Q.
A credit is usually more advantageous than the tax on the earnings, especially if the earnings are taxed at the student's rate.
Also, remember the distribution can be applied to things like room and board, unlike the education credits.
Please pay attention to the order you enter the forms, and if you are offered an education credit.
Click the link below for great examples from the IRS on how you can maximize the credit.
CLICK HERE for IRS Pub 970 Tax Benefits for Education
Please enter the 1099-Q FIRST, and then the 1098-T, as well as all other education expenses.
Be aware that the program my ask if you want to apply any of the expenses to an education credit FIRST, which could result in taxable income on the earnings of the 1099-Q.
A credit is usually more advantageous than the tax on the earnings, especially if the earnings are taxed at the student's rate.
Also, remember the distribution can be applied to things like room and board, unlike the education credits.
Please pay attention to the order you enter the forms, and if you are offered an education credit.
Click the link below for great examples from the IRS on how you can maximize the credit.
CLICK HERE for IRS Pub 970 Tax Benefits for Education
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
randren
New Member
in Education
mmotazedian
New Member
in Education
yunji127
New Member
Michael D76226
Level 2
in Education
sophiaf88
New Member
in Education