Hal...definitely would appreciate more help after reading your responses. My answers to your questions are below in bold below. The tax software I used last year handled these expenses entirely differently than Turbotax and I'm kind of lost : (
I am not eligible for the Federal Tax Credits.
Thanks vey much for your help!
Provide the following info for more specific help:
- Are you the student or parent. PARENT
- Is the student the parent's dependent. YES
- Box 1 of the 1098-T $46762.90
- box 5 of the 1098-T $22000
- Any other scholarships not shown in box 5 NONE
- 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 NOT THAT I AM AWARE OF.
- Box 1 of the 1099-Q $11,000 AND $12,889 RESPECTIVELY (TWO 1099Qs RECEIVED BY PARENT, THIRD RECEIVED AS STUDENT RECIPIENT SEE BELOW)
- Box 2 of the 1099-Q $4526 and $5021 RESPECTIVELY
- Who’s name and SS# are on the 1099-Q, parent or student (who’s the “recipient”)? PARENT IS RECIPIENT ON BOTH
- Room & board paid. If student lives off campus, what is school's R&B on campus charge. If he lives at home, the school’s R&B “allowance for cost of attendance” for student living with parents. R&B FOR 2022 APPROX $12,000. HE LIVED ON CAMPUS
- Other qualified expenses not included in box 1 of the 1098-T, e.g. books & computers $1889
- How much taxable income does the student have, from what sources LITTLE INCOME MAYBE AROUND $2000 DOING DOORDASH DELIVERY DRIVER PART TIME
- Are you trying to claim the tuition credit (are you eligible)? NOT ELIGIBLE FOR ANY CREDITS DUE TO FAMILY INCOME
- Is the student an undergrad or grad student? UNDERGRAD
- Is the student a degree candidate attending school half time or more? ATTENDING HALF TIME OR MORE
Third 1099Q shows student as recipient. This reflects the money that was sent directly to the school. Box 1 $23044
Box 2 $9305
Box 3 13,739.81
Box 5 State
No other boxes checked.
