What is the current guidance on 1098-T and high income? The turbotax 2018 help says that if the parents cannot claim it due to income being too high, the student can claim it even if parents paid the tuition. This contradicts many of the older community answers online. Please clarify.
What is the AGI limit that prohibits 1098-T? ( I see one for -E, but not -T)
TurboTax 2018 help also states there is a high-income Tuition and Education expenses route and a calculator, but cannot find that anywhere in turbotax 2018, where is that?
American Opportunity
Tax Credit For 2018, the amount of the American Opportunity Tax Credit is
phased out if your modified adjusted gross income (MAGI) is between $80,000 and
$90,000 Single ($160,000 - $180,000 Married Filing Jointly)
Lifetime learning credit. “For 2018, the amount of your lifetime learning credit is gradually reduced (phased out) if your MAGI is between $57,000 and $67,000 ($114,000 and $134,000 if you file a joint return)."
There is an option where a dependent student may claim the non-refundable portion of an education credit, but this is ONLY allowed if the student does not claim his/her exemption and the person that COULD claim the student also does not. (no one claims the student)
In the TurboTax programs, the parents do not claim the student. The student files and selects "YES Someone else CAN claim me" but "NO, no one else WILL claim me".
Again, this will only give the student the "non-refundable" portion of the credit (if the student meets the other requirements as well)
CLICK HERE for IRS Pub 970, Tax Benefits for Education
"TurboTax 2018 help also states there is a high-income Tuition and Education expenses route and a calculator "
I have not seen this link. If you know where you saw this, let me know.
You may also submit a new post asking this one particular question in case another agent knows the answer.