I started the party. Some came late. Some missed the horderve's. Some may have had one too many. Some seem to have left! One last time....
My daughter is FT and commutes. She works part time over the summer. She made $4500. I filed her tax inputting neither the 1098T nor 1099Q on her return. She gets a small tax refund.
I put the 1098T and 1099Q on our return. She is our dependent. It says I get AOC. I believe it says this because Total Payments - Scholarships - 529 payments leave a balance of $7k that exceeds the 4K required to get the $2500 credit.
That $7K consisted of: a $6K fed unsub loan paid directly to the college which my daughter must repay when she graduates. I also paid $1K towards tuition last year.
I HOPE I legitimately earned the $2500. I HOPE she was entitled to her meager refund.
As far as what happens 'next year' for us when we take 'no loans' and Total Payments - Scholarships - 529 payments leave a balance of $0....can I claim R&B...yes/no...that I am still not clear on but I may try different tax software next year.
