I would rather not use exact figures for privacy but will use some round numbers and answer your questions. Also the reason for doing part is that we have some out of pocket that can count toward the AOC, including about $1000 of (student) loan. But we do not have $4,000, as I will describe
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- Are you the student or parent. Parent
- Is the student the parent's dependent.YES
- Box 1 of the 1098-T $14,000
- box 5 of the 1098-T $1,400
- Any other scholarships not shown in box 5 no
- 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 ( Yes, it is applied as a discount of tuition)
- Box 1 of the 1st 1099-Q 13,000
- Box 2 of the 1st 1099-Q 7,000
- Box 1 of the 2nd 1099-Q 5,000
- Box 2 of the 2nd 1099-Q 900
- Who’s name and SS# are on the 1099-Qs, Student
- Room & board paid. All was paid with 2nd 529 -do you need to know amt? use $5000
- Other qualified expenses not included in box 1 of the 1098-T, e.g. books & computers (waiting on more info from student but as of right now, about $100 in books and $400 in enrollment fee.
- How much taxable income does the student have, from what sources $75 in unearned income. $500 from an internship stipend that was paid in a gift card. No 1099-misc received I assume since it was under $600 (we intend of course to report it) But it was NOT self-employment. [ currently the student income is below requirement to file threshhold]
- Is parent trying to claim the tuition credit (are you eligible)? Parents are eligible, income is within limits. Yes we want to claim the credit.
- Is the student an undergrad or grad student? undergrad, eligible for AOC
- Is the student a degree candidate attending school half time or more? yes, eligible
