@Hal_Al
First off, thanks for your time.
Ok looks like I got the first few steps right. The example you gave me I found a bit confusing only because the ability to get any sort of credit doesn't apply to our family, but I tried the logic below. I hope you can continue to help me.
I'll leave the QFE the same although I understand what you are saying that I can add some more expenses. But I'll keep the QFE the same to keep the numbers the same as I am more concerned about HOW to do the math and TurboTax entries than the actual numbers as I can change the numbers later.
So to expand on my 1099-Qs.....I have 3 (total $53,054.98)
#1 for $11,000 in my name (one $11K scholarship withdrawal).
#2 for $18,228.33 in my name which was the other $11K scholarship withdrawal and the rest were qualified educational expenses (rent, food, etc)
#3 for $23,826.65 which is in my kid's name that went directly to his college account to pay $23,826.65 tuition and books and fees directly billed to me by the college.
You said my math is OK in first post and I did a little more reading in the TurboTax forums, so far so here's where I am at:
QFE= 54671 from 1098-T
Qualified Educational Expenses (QEE) = 54671-22000 scholarship = 32671
QEE shortfall = 53054 total 529 withdrawals -32671 QEE = 20383
Kid has 7256 of room left in his 1040 that I could add to his income and have it not be taxed
(13850 std ded -6194 line 11 kid FED1040 -400 = 7256)
20383 QEE shortfall - 7256 room left under kid's std ded = $13,127 assigned to parent
So of the $22,000 in scholarship income, I should assign kid $7256, leaving $14744 to assign to my tax return....next...
#3 1099-Q $23,826.64 is fully covered by qualified expenses as it went directly to the college so I'll leave that one alone right?
13,127 QEE shortfall assigned to parent / -Q#2 = .7202 x 7244.42 box 2 = 5217.27
13,127 QEE shortfall assigned to parent / -Q#1= 1.193 x 4201.01 box 3 = 5011.80
5011.80 is smaller than 5217.27 so I'm going to enter the associated $11,000 in TurboTax(?) and then this is where my vision gets dark and fuzzy..... help needed : (
And if you could tell me the specific steps to enter the numbers into TurboTax for both me and my kid, that would be extremely helpful and correct me if I'm wrong above? I'm not understanding the TurboTax program logic. I have a good idea what I WANT it to do, but HOW to get it to do it is confusing : (
Thanks so much for your time!!
