thank you for your thoughts. learned a few things.
fourth college kid; wonderful opportunity with scholarships full-ride first year only (tuition r&b fees); plus an extra non-school source that will be channeled through the school. (merit; not need-based). We have maxxed out of claiming the AOTC this past year.
interesting to know that scholarships dont count as income for an IRA. But they do count towards the 13K exemption. One thing that just hit me -- all this will be cut in half for 2023 as we only have to worry about fall semester!
so - if kiddo puts some of summer earnings in IRA, then the R&B scholarship (one semester) plus Half of other scholarship (around 12K total for fall semester). . . . and that would be inside the personal exemption. Do we as parents have to count this? thank you for your thoughts!
