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Do I subtract the 529 withdrawal from total education expenses to determine what to enter for the "Amount Used to Calculate Education Deduction/Credit"?
I'm stuck where Turbotax is asking me to "choose" how much to use to calculate the education deduction/credit. Turbotax already knows that I took a withdrawal from a 529 - does the software take that into account, or do I need to subtract this sum (from total educational expenses) when "choosing" how much to enter in this box?
I paid $3535 total educational expenses in 2017 - $2677 was from a 529, so I believe I should qualify for a tax credit on the remaining $858. But what do I enter in the Turbotax box? $3535 or $858?
I paid $3535 total educational expenses in 2017 - $2677 was from a 529, so I believe I should qualify for a tax credit on the remaining $858. But what do I enter in the Turbotax box? $3535 or $858?
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‎June 1, 2019
11:16 AM