paquara
Returning Member

Education

@AmyC My daughter only received $500 in scholarship from one school.  Since she lived home, I have learned that I could enter an amount for board since she does not pay rent. I went into my tax return in Turbo Tax and entered the amount that the school charges for a limited food plan for one semester ($1558).  Her books were all online references so there was no cost there.  Internet was part of the family plan so I didn't include it (although she did need it for her classes).  In the section "Choosing a larger education credit or deduction" I changed the amount used to calculate education credit or deduction from $10,000 which had been prepopulated in Turbo Tax to $4000 (as seen in some of the examples on the community forums).  The tax I owed did not change, the amount of American Opportunity Credit did not change but the amount she now owed changed from $1372 on my initial return to $155.  It seems like I would need to file an amended return to show these amounts and not have to file a tax return for her.  These are just things I didn't know I could account for when doing my return.