Experts,
I have a son in college who files his own tax return due to some earned income and his scholarship unearned income. I have several questions for this scenario to make sure I'm doing things right.
- I make too much money to get any of the education credits/deductions
- I do put in my son's college expenses on my taxes to escape paying penalties on my 529 withdrawals
- I do enter in his 1098T and create a student profile for him on my taxes as I still claim him
- On my son's taxes, I put in the difference of line 5 and line 1 of the 1098T on line one of his 1040 (I'm sure there are a few more dollars of books and such, but it won't make much difference and this keeps it simple and easy to prove later on)
- I don't create a student profile on his tax form as i'm not claiming detail expenses on his return
- I also tried the scenario where I didn't claim him any more (only 500 credit for me at this point) and put all education stuff on his, but that didn't change the numbers....
All of this said, does my process sound right? Anything else I should be thinking about? Also, if this isn't as straight forward as I wrote, what do i choose to review this with a turbo tax expert?
Thanks!
