We were billed in December 21 with a due date of January 22...does this change the reply?
Your responses are always very clear to me...I have more questions I would love for you to review. Just trying to do this correctly and get good routine down each year with AOTC.
Example # if... 2021 1098T BOX 5 only shows Summer 21 scholarship $3100 and Fall 21 Scholarship $2900 = $6000 and BOX 1 shows QHEE payments =$9000 it appears AS IS that we would qualify for AOTC credit.
CONCERNS
- BOX 1 includes Health and Wellness Fee of $80.
- SPRING scholarships did not post till January 22 so not included in 2021 1098T -may cause taxable income next 1098T (2022) since scholarship not with QHEE expenses for that term.
- Move scholarships to income?
- Box 1 includes payment in 21 for 2020 December bill (spring 21)
QUESTIONS:
1. Wouldn't I need to deduct the $80 from the possible AOTC credit amount since on pg 16/17 it states that type of fee is not QHEE for AOTC?
2. Wouldn't I add on REQUIRED books paid $500 in 2021 out of pocket to AOTC credit amount?
3. I have read that if I payed part of the Spring bill (billed December 21) in January 22 I can't claim those in the 21 AOTC credit..is this correct? Had I payed in December I could use in 21 AOTC credit calculation?
4. If I paid any expenses for 2020 (paid in January 21) that showed in Box 1 of my 2021 1098T do I subtract those when figuring my AOTC credit even if they were not used for credit purposes in 2020?
5. If Room and Board were paid with 529 (covering all non qhee expenses) can I still move some scholarship money to taxable income on my daughters return to claim AOTC credit? Or no since there are no "non qhee expenses" left that were paid by other sources?
Lots of questions. Thanks in advance.
