Still trying to figure this out so I am not double dipping.
Answers to the questions
- Are you the student or parent. Parent
- Is the student the parent's dependent. Yes
- Box 1 of the 1098-T $16688 + 1028.75 (2 schools)
- box 5 of the 1098-T $500 (for the $16688 school)
- Any other scholarships not shown in box 5 Yes for one
- Does box 5 include any of the 529/ESA plan payments (it should not) No
- Is any of the Scholarship restricted; i.e. it must be used for tuition No
- Box 1 of the 1099-Q $15,738
- Box 2 of the 1098-Q $2534.48
- Who’s name and SS# are on the 1099-Q, parent or student (who’s the “recipient”)? Student
- Room & board paid. If student lives off campus, what is school's R&B charge $0 (lived at home due to covid)
- Other qualified expenses not included in box 1 of the 1098-T, e.g. books & computers
- How much taxable income does the student have, from what sources $0
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When I completed my taxes it gave me the American Opportunities Credit for her. I completed the amounts for the 1098 Q and 1098 T and thought Turbo Tax would help to figure this out. I didn't realize what I didn't need to report. There was a memo that said that she would have to report $1372 of reportable income which I didn't know what to do with. I have submitted my federal return. Can I fix it and send an amended return?
