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Question about 529 and AOTC
We paid tuition of ~$43k and room & board of ~$15k. We funded the total of $58k using $49k from 529 with the remainder with our daughter taking out loans ($6k) and scholarships for the remainder.
Can we qualify for the American Opportunity Credit? Our tax program is saying no as tuition was covered by 529, but the 529 withdrawal should be allocated to both tuition and room & board and the $6k of loans should qualify. However, I can’t figure out how to make TurboTax do that allocation.
February 27, 2023
5:23 AM