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Level 1
February 5, 2020
Question

After inputing 1099-Q and 1098-T, it is asking me to enter amount used to calculate education credit or deduction. It gives me a range from $800-$2152. How do I choose?

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2 replies

Level 15
February 5, 2020

are you using TT or Taxslayer? I've never seen that on TT, but have seen it on the competing software.  Taxslayer really doesn't do a good job with 1099-Q and 1098-T items..... will lead to the wrong answer.... 

Hal_Al
Level 15
Level 15
February 5, 2020

If your student is an undergrad, the amount used to calculate education credit or deduction is usually $4000.  That's the maximum amount allowed for the American Opportunity Credit. 

I agree with NCperson, that does not describe a TT screen.  The TT screen has a prepopulated amount and gives you a chance to change it, if you want to.