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AOC and 529 qualified expenses not calculated correctly in TurboTax Desktop (2021)
Here are the expenses:
Tuition 16,695
Room and Board (Rent) 9,925
529 withdrawal 20,000
AOC should use 4,000 out of Tuition expenses and
529 should use remaining expenses i.e. 12,695 out of tuition + 9,925 for rent i.e. 21,920 which exceeds 529 withdrawal with no tax due on withdrawal.
However, TurboTax desktop is saying that some of the withdrawal is taxable. For some reason, I think, it is using 10,000 out of tuition for AOC (instead of 4,000).
Any idea?
‎January 27, 2022
5:13 PM