Nice to e-meet you all.
I'd like to request a favor to guide me on how to enter the taxable education expense for my daughter's tax return in TurboTax. I'm really confused.
Situation:
- We live in California
- Daughter as my dependent has 1098T with box 1 (tuition): $13,000 and box 5 (grant): $20,000
- I filed the daughter's 1098T in my tax return:
** I put the remaining $7,000 ($20K-$13K) for room and board. TT asks me to file that as taxable income in daughter's tax return but doesn't tell me how.
** I put $900 from my cash as education expenses and get $900 AOTC.
** I forgot to put the student loan $7,500 as expenses.
- Daughter's internship wages was $3,900 and it'll be filed in her tax return.
- Daughter uses TurboTax free edition online.
Question:
- How to enter the $7,000 excess as taxable education assistance in my daughter's tax return? Need step-by-step guide in TurboTax.
- Will it make my daughter's owe taxes (federal / state)?
- Can my tax return be amended to add the student loan as education expense? It's been accepted already by IRS.
Thank you
