I am trying to file LATE, and am running out of time---getting close to the Oct 31 deadline for submitting the return already started with turbotax. I didn't submit on Oct 16th because I didn't think figures had been properly entered. I wasn't getting the AOTC credit, and was owing over $800 in taxes. I don't think that is correct. I have read well over 100 posts regarding how to enter excess scholarship and 529 info, but am more confused than ever!!! I am trying to claim AOTC, which in my case will require making some scholarship/grant taxable income... I think. My scholarships/grants exceed tuition/fees by $6901, which was refunded to me by college. $5022.50 was total paid to the college, ALL from financial assistance (I have 2 grants and 3 scholarships). From what I can determine, $4,303 is the qualified expense, leaving about $719 unqualified fees. Unfortunately, my 1098-T is not showing any of that $4303 paid in box 1---only shows $719.50. Box 5 is $11,923.50, which IS the total of all scholarships/grants. The school will not amend the 1098-T box 1 amount, which they explain somehow occurred due to the 529 distribution ---says that is just how their computer handles it, and they won't change it. But at least I do know precisely how much was paid to school in 2022---$5022.50! That 529 distribution ( prepaid tuition plan) was sent directly to the school, but all $4302 was refunded to me instead of being applied to tuition/fees. It is SUPPOSED to be used only for tuition/fees in order to not be taxable. So, I am guessing I somehow have to report the earnings portion somewhere as taxable income as well. No idea how to deal with all these figures in turbotax! Here are figures from the 1099-Q--- Box 1 $4302.00 (distrib.), Box 2 $2086.68 (earnings), Box 3 $2,215.32 (basis).
***I know it is not the normal situation, but I DO NOT qualify as a dependent on anyone's return for 2022. I earned from my job $11,054.79, of which I spent more than half of on my expenses. I also received $12,846 in social security survivors benefits, ALL of which is considered as being spent for my expenses. My surviving parent is not working, and not required to file a return with less than $100 of taxable income for 2022. So, as far as I can determine, because social security payments paid to a child, used for their expenses, ARE considered used for their own support.
Therefore, I am not a dependent.
Unfortunately, almost all posts I have read discuss handling excess scholarships, 529 distributions, and claiming AOTC with the parent also filing and entering some info on their return, and the parent claiming the AOTC. So, I cannot figure out how to file based on that info.
*** CAN ANYONE HELP ME????***PLEASE!!??**** THANK YOU to anyone who read all that, and responds!
