3514715
You'll need to sign in or create an account to connect with an expert.
The cost of room and board is not an allowable tax deduction, accept as it pertains to reducing the taxable amount of earnings on a college savings plan. If you withdraw money form a tax advantaged college savings plan, you need to spend the distribution from the plan on education expenses or the earnings will be taxable. You can include room and board for education expenses for that, but otherwise they are not deductible or available for an education credit. You would enter your room and board, if needed, when you enter your Form 1098-T in the Deductions and Credits section of TurboTax, then Education, then Expenses and Scholarships (Form 1098-T).
Room and board (R&B)are not a qualified expense for a tuition credit or for tax free scholarship. As such, there is not where to enter R&B, in TurboTax (TT).
There is an exception. R&B is a qualified expenses for a 529 plan (or ESA) distribution. TT will give you an entry point for R&B, but you must have previously entered your 1099-Q for the 529 distribution.
To get the screen to enter Room & Board, answer yes when asked if you have book expenses, in the 1098-T section.
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.
apena3
Level 1
qzhangny
New Member
in Education
westerman161
New Member
ssptdpt
New Member
in Education
Taxes_Are_Fun
Level 2