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Can you apply a single1098-T to both a Parent's return (to qualify for AOTC) and a Dependent's return (to reduce interest on their 529 withdrawl)?
I have a dependent child who received a 1098-T and a 1099-Q.
- I understand that I need to enter the 1098-T on our tax return to claim the $2,500 American Opportunity tax credit (which applies to the first $4,000 of qualified expenses).
- Can I apply the remainder of the qualified expenditures (beyond the first $4,000 so, no double dipping) to my dependent’s return? This would offset the interest from their 529 that’s reported on their 1099-Q?
I checked past posts for an answer, but saw conflicting information and wanted to see if there was a definitive answer. Thanks in advance for any help.
October 14, 2024
4:05 PM