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Education
Yes, you did the calcs right and yes you can and should combine the the two 1099-Qs and just make one entry in TT. (assuming the same "recipient").
Computers, as well as books and other course materials, are qualified expenses for the 1099-Q.
Don't forget the tuition credit.
Having the student report some of his scholarship as taxable is usually the smart move. If he has no other income the first $12,400 is not taxed. Scholarship income is treated as earned income for purpose of calculating a dependent's standard deduction, but unearned income for the "kiddie tax".
‎February 26, 2021
4:20 AM