- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Education
It's complicated. In order to know what to enter, you need some idea of the results expected and/or needed. The interview is complicated because it has to handle multiple scenarios.
There are three things you can do with your Qualified educational expenses (QEE):
- Allocate then to scholarships (so that the scholarship remains tax free)
- Use them to claim an education credit
- Allocate them to the 529 distribution (1099-Q) so that it will not all be taxable
TurboTax allocates QEE, in that order, until you tell it otherwise.
Provide the following info for more specific help:
- Box 1 of the 1098-T
- box 5 of the 1098-T
- How much was paid in 2021 for 2022 and not reported on 1098-T (I assume $11,160 [17830 - 6670])
- Any other scholarships not shown in box 5
- Does box 5 include any of the 529/ESA plan payments (it should not)
- Is any of the Scholarship restricted; i.e. it must be used for tuition
- Box 1 of your 1099-Q
- Box 2 of your 1098-Q
- Box 1 of her 1099-Q
- Box 2 of her 1098-Q
- Who’s name and SS# are on the 1099-Q, parent or student (who’s the “recipient”)?
- Room & board paid. If student lives off campus, what is school's R&B charge. If the student lives at home, only the school's board charge for on campus students.
- 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
- Are you trying to claim the tuition credit (are you eligible)?
March 8, 2022
8:31 AM