Hello @Hal_Al
Not sure what you mean when you say the full amount of bonds cashed are reported for “Report Educational Expenses and Benefits.” The total cashed bond value is more than I can assign to R&B. I can only assign the R&B value minus the amount I need to use for the AOTC credit, right?
I actually have 2 students. I hope that doesn’t cause a problem.
For one of them I do not want to assign additional income to them other than the amount I need for AOTC, because they have other income and it would increase taxes owned.
For the Student 2, assigning 3700 of scholarship to R&B gets the most AOTC credit I can get. So that would leave 6,300 to assign to bonds. So that is what I wound enter for “Report Educational Expenses and Benefits”?
For Did Student 2 pay room and board with scholarship I would enter 10,000?
Some round numbers for Student2 are below.
Tuition = 32,000
Scholarships = 17300
R&B and other = 10,000
529 withdrawal = 24500
Amount needed to max AOTC = 3,700
Total Bond withdrawal = 13,000
Thanks.
