- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
This is simply nuts. I recall the horror of this from last year. My understanding was that if you could show $4,000 in expenses you'll get the entire AOC credit. My disbursement from the 529 plan was entirely for tuition. I pay cash for her books in fact I did pay cash for a summer course you took at a community college and the books there too. I'm going to check but I do not believe if I subtract from the payments the scholarships and then the distributions that I'm under $4,000 but maybe I am... this is where the loans came in last year loans counted as expensive I was told in these forms... I don't have loans this year however last year they told me when push comes to shove room and board from living at home can be counted as an expense. I mean I'm certainly saving money over paying for her to stay at school but between her gas and food and cranking the heat up in her room etc etc and still cost me quite a bit than if she didn't go to college was working a job and living in an apartment!
This is far too complicated for the average person to do and I spoke with an accountant last year who is no help at all.
I am simply trying to understand how entering this information on my tax form it's somehow knows that some of this is taxable income for her... what would cause that specifically.. I quite simply entered the information on t and the information on q and somehow it determines that that is somehow taxable. What circumstances would cause that when I start to do her tax form. it shouldn't be too hard to figure out there's only about four boxes filled in between the two forms!
Thanks for trying to help perhaps I'm just thick.