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Get your taxes done using TurboTax
Thanks for that answer there was a purpose to the question. But first...
I am trying to understand what the qualifications for lifetime learning are. I am guessing to get the maximum which I believe is $2000. ...You have to show $10000 in Qualified expenses that were not paid from ***earnings***on a 529 plan? Is that true?
Plus, again , her tuition expenses were 15k paid from the 529 plan of which 12k I put in (cost basis) and it grew by 3K. So shouldn't she essentially have the 10k there anyway to qualify for the lifetime learning without room and board etc? How is that different from her writing a check from her bank account for 10k or using gift of 10K to oay part of the 15k? At worst, maybe through some funky rule, She would have to pay tax on the three thousand dollars in 529 plan earnings, but still have the 10K there to get the 2K lifetime learning ...no? Perhaps that is exactly what is going on...Am I starting to look at this correctly?
I really just want to understand all this.... it seems like everybody feels like SHE should be getting the life time learning. I just want to be in a position to defend myself should the time come.
I thank you all for your patience on this matter.