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Education
Yes those are additional 1098-T amounts so that total is correct.
My son had a job where he earned $836 with $17 taken out for federal income tax. He didn't receive a W-2 which i was concerned about but seems like he didn't receive one because it was below a certain amount?
Do I need to track this down?
Turbo Tax asked me what amount of scholarship money had been used to pay room and board. I put $3348 (14420-11071) at his main school.
When I had put the 1099-Q into Turbo Tax his taxes were very high. I knew we would be taxed on the scholarship amount that I withdrew but it seemed really high. Is that normal? Would it be better for me not to claim the $4000 AOC than have it on his taxes? My tax rate is low. I am a widow with only investment income.
I don't understand how I would report "More taxable scholarship and less taxable 529 plan distribution." How do I do that?
So sorry that I'm confused. Thank you so much for your help. And Happy July 4th!!!
I may not have access to the computer over the weekend but I will get back to you at the beginning of the week!