This is nuts. 1098t shows $40k payments and $22k scholarships. Enter it into TT.
1099q shows $11k paid to college from 529 plan. Enter that into TT.
TT says I get AOC of $2500.
Why? I assume because $40k - &22k - $11k is $7k which is greater than $4k.
That is $7 in payments made by my dependent daughter via a Fed ubsub loan and a little cash from me.
So now the loan described above don't count towards the 4k required for AOC? Then TT should prompt about that $7k in payments....and adjust accordingly.
Note too this from halall on page 1 of this conversation...
40K expenses minus 22K scholarship = 18K. 18K minus 11K paid by 529 plan = $7K eligible for Tuition credit. So, yes, the 1K from savings and the $6K loan counts towards that 4K magic number. Even though the loan was your daughter's, you get to count it on your return, because she is your dependent
No one mentioned him being wrong? Is he? I wish my hours were better I'd call the IRS.
