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Deductions & credits
I just read this on your site for the 2021 tax year as well: "Interest on earnings in other plans you can use to save for college, including Coverdell Savings Accounts and 529 Education Savings Plans, is not taxable if you use the money to pay for higher education expenses. College expenses you pay from either of these plans aren’t eligible for the American Opportunity or Lifetime Learning credits."
So if I'm entering my 1099-Q info to list distribution and entering all tuition and room & board expenses, why is my daughter still qualifying for the American Opportunity credit?
March 7, 2022
10:59 AM