Hi there,
First off, thank you for all the information you've shared on the 1098-t loophole. Just want to make sure I understand correctly. If our son's 1098-t has BOX 1 $7485.50 and BOX 5 $15,501 on our taxes we put $4,000 for BOX 1 and 0 for the rest of the boxes.
When doing our son's taxes originally we put the two numbers from above for BOX 1 & 5. I didn't get the "Amount used to claim the tuition credit" on the dependent interview. So, I went to the student info WS in his taxes (part VI, line 20) and it isn't there for the "Adjusted qualified expenses" so I went back to his interview section and changed the $7485.50 to $3485.50. Is that correct so far?
He also had $754 in "Education expenses not tuition & enrollment fees".
After doing all this when we go back to our tax return and in the parent interview for "Any scholarship paid for room and board" do we put the $12,015.50 (BOX 5 - BOX 1 + $4,000) or do we put $11,261.50 (right above - the other edu expenses) or do we put nothing for that question?
We really appreciate all your knowledge on this!
