I appreciate the reference quoted. I believe it's the second time it was quoted. It sounds promising however to my untrained eye I saw other areas where room and board was mentioned and sounded like it was not to be used as an expense. Loans yes...even if in the dependents name; I think everyone agrees on that.
The trouble is next year I won't be taking loans. HOWEVER....
if I am right the college seems to report the loans in the calendar tax year they are used....So year one (Fa18/Sp19) she had $5500 fed unsub loan. I believe only $$2750 showed in my 1098T payments when I tried to tie out that number in tax year 2018. For Fa19/Sp20 she got a $6500 fed unsub loan. In similar fashion, I think for tax year 2019 the $2750 from last year and half of the $6500 ($3250) from this year was included in the 1098T payments. So...I am thinking MAYBE next year (tax year 2021) my 1098T will be the usual sum of scholarships, loans(recall I am NOT taking one for Fa20/Sp21 but I think $3250 from the prior year will show), plus my 529 payment which in reality is the balance of their tuition fees - scholarships - 529 payments. So if I look at the 1098T payments next year, it might actually be higher than the 'tuition bill' I received from the school but the overall payments less scholarships less 1099Q payments will be $3250 which would get me most of the AOC; especially if I can figure out how to add in the books I pay out of pocket. If you follow all that you likely have a headache! Is that possible? LOL.
Year 4 regardless...unless something more definitive on the room and board comes to light....likely won't yield me the AOC...unless I just do not enter the 1099Q and take my chances....I have never been that sort of guy tho!
Bottom line, TT really should prompt for Room And Board ask if the student lived at home, had food expenses etc. and act accordingly. They do not so I perhaps its truly not an expense to be applied to the $4K ..or perhaps TT doesn't even understand the rules.
