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Education
Q. Is this amount in the circles could be claimed as room and board for student living at home?
A. Yes. Technically, you use the lower of those figures or your actual costs. But those amounts are so low, you're probably safe just using them and not bothering with any accounting.
Q Can I leave $4000 education expenses to claim for AOTC, and get reimbursed $6000 out from 529 even though it is loan?
A. Yes. You ignore loans, in your calculations. For these tax benefit allocations of expenses, there are three sources of money: scholarships, 529 plan and your (you and your student) money. Loans are just part of "your money", since they have to be paid back.
March 10, 2024
7:10 PM