COLLEGE EDUCATION EXPENSES

[raunam01]

Hello- I was given advice yesterday but seem to need a quick follow up. We have twins who are freshman this year. This was recommended

You essentially have to use a work around in TurboTax (TT). Here's how I would do it. Enter the 1098-T, on your return, but only enter $4000 in box 1. No other numbers. You only enter the 1098-T to get TurboTax to check the proper box on form 8863

Enter the 1098-T, exactly as received, on the student's return. Enter book expenses separately.  In his interview, you should eventually reach a screen called "Amount used to calculate education deduction or credit" Be sure the amount in that box is $4000. That will put all his excess scholarship as income on his return.  

I have done all of that but my question is: Do I also enter expenses on my return? Room and board, computer etc even though I entered it on my sons??? Or do I just enter it one time and if so on whos return?

Thank you

[ReneeM7122]

No, room and board is not an allowable expense.  Computer is an allowable expense but you would not enter it if you already did so for your sons.

Here is a TurboTax article about allowable deductions for education expenses.

[raunam01]

Thank you for the response. So should I fill the information it asks about tuition books, computer etc on my filing or his? It didn't seem to make a difference on his and before I filled his in it showed we didn't qualify. I think there may be "confusion" that our income was too high as we had to take advantage of the covid withdrawl from our 401k

[Hal_Al]

Answered at your other post:

https://ttlc.intuit.com/community/college-education/discussion/re-follow-up-on-1st-year-college-stud...