We withdrew funds for my daughters tuition/room and board for college. (daughter dependent on parent return) The amount withdrawn was less than the actual expenses. I'm just confirming this is accurate as it seemed she paid a small amount of tax last year for interest. I'm not sure if input was wrong last year? please clarify
Her 1098T includes approx 7200 Box 1, Box 5(scholarship) was 5000.
Expenses including room and board approx $14000.
529 withdrawal of $9000 total, $2150 of earnings
Parent AGI is above 160,000 so no education credit on return
In addition on her return there is Question 'Education expense used for tax deduction or credit'. it states she has enough expenses to cover but to confirm the "Amount used to calculate education credit or deduction'. This should be zero, correct?
thank you for your response!
