- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
I'm going to close this post. I think I'm okay now. I may open another post for others in this quagmire since the software is pretty much horrible when it comes to interviewing you for education expenses etc.
Amy you were correct. I deleted everything and started from scratch and when it prompted me about the Q form I said no but did enter the T form which is a bit of another story ...trying to find it etc... and enter the T info.
At that point essentially I had $2,000 added to my tax refund which I believe was from the life time learning credit.
However... I have entered the Q for 6 years... right or wrong ...and I was determined to enter it again. Whether I've left money on the table for 6 years or not I don't know but I wanted to be consistent. Bottom line when you put that Q form in... at least for me it results in me losing a few bucks because I believe it's taking a portion of the 18K used for education expenses and I believe it'sallocating $1k for that credit to get the $2k LLC.. but then that leaves a little bit of money that I distributed taxable. Thus I lose a few bucks of my refund. Now this may be where people get into entering room and board and whatnot but I've never done that. Perhaps I should have perhaps I would have got back an extra 50 bucks or so each year I'm not sure.
So which number is technically right and which number is wrong...? I believe this is where people say you can put room in board and what not and keep those few dollars... I've never done that so I'm going to be consistent and perhaps error on the side of being a little conservative.
For now I'm leaving at be... it's still prompted me on that one form for the 2023 and prior distributions and I left it blank... mathematically it does does not seem to impact the value on that form and I'm not even sure if that form is part of the tax return.
I know everybody's sick of this at this point I'm not sure if this makes sense but unless somebody sees something glaringly wrong I'm moving ahead and filing.