All Posts

At least for me, by entering room and board on the People's worksheet, the program transfers it to the student info worksheet and keeps it when calculating total qualified expenses.  Having said that the TT college expense software is buggy and a total mess.

For those like me that found this thread as they tried to figure out why TT was not recognizing the ability of an individual to take advantage of the "STR Loophole", here are a couple of things I learned: 1) The original poster and the most recent posts (particularly MCSmith1974 and taxmodern) are spot on. TT does not ask the right questions during it's EasyStep process to complete your taxes correctly for this situation. You aren't going crazy. Other posters are not wrong, just focused on different situations. 2) You will need to modify the IRS Forms directly if using TT, you will also need the desktop version. Yes this sucks and begs the question why did we buy the more expensive "Home & Business" or "Premier" version when this error exists and has not been fixed for over a year (original post was for 2024 tax year). I wish I would have known about this deficiency (not just for 2025 but also for prior years!). 3) Use a quality LLM (i.e. Gemini) to get your answers and detailed instructions. These tools are now so good. Use them to better understand the convoluted IRS forms and instructions as well as providing some reasonable advice (note that the TT specific guidance might be wrong or outdated). 4) Go to Youtube and search this question. If lucky like me, you will find the video posted by taxmodern (previous post) that cracks the code and gets TT to do what you need. Many thanks to taxmodern for this help!

I agree with @KrisD15 , you want to allocate  $4000 of the tuition to the American Opportunity Tax Credit (AOTC), assuming you are eligible (your income is not too high*).    This means that $2193 of the scholarship must be reported as taxable income on the student's tax return (not the parent's return).   If that is his only income, it is not enough to have to file a tax return.      Here's a post on the five main points on the  1098-T: https://ttlc.intuit.com/community/college-education/discussion/re-what-do-i-do-with-form-1098t/01/3760212#M63114   *$90K,  $180K Married filing jointly.  Phase out begins at $80K ($160 MFJ)

I tried to download 1099s from two Schwab accounts today.   1. Login to Schwab: Successful 2. Select two of the four accounts:  Successful 3. Download: Successful 3. Confirmation of forms to import: Fail   Account #1 1099Div - Present 1099 Int - Missing 1099B - Missing   Account #2 1099Div - Missing 1099int - Missing

It may take a day or two for your bank to process the transaction. If your bank rejects the refund, it will go back to the IRS. A paper check will be sent to the address on your tax return. This may take a few weeks. If you chose to Pay with my Refund, your refund will go to a third-party bank, fees will be deducted, and the balance will go to your bank. This may take a couple of days.

@baldietax    Hi, thank you so much for your follow up! So because I did a split year contribution/backdoor Roth. Only the contribution was listed for 2024 Form 8606. So line 14 is 7000 but my line 8 is blank (because the conversion happened in 2025-I believe that's why my Vanguard 1099R is for 2025).    What happened was that I entered after tax dollars to an IRA on March 31 2025 as my 2024 contribution and looked to immediately convert it to a ROTH IRA. However by the time it was converted, it was April 2, 2025. This resulted in the extra 1.62 on top of the 7000 basis. I don't mind (and fully expect) to get taxed on the 1.62 but am more concerned about the 7000. I've tried to enter and re-enter and the only way it comes out with the correct end result is to put 0.00 in box 2(a)- which I'm sure is not correct. I even entered a 2nd one like you suggested but it just continues to add it as additional taxable income. So I'm stuck. I feel like if I gave this to a private accountant, they would be able to fix it for me, but for some reason the software isn't calculating it correctly. Is there a possibility that because I had to mail in my Form 8606 to the IRS for 2024 (mailed it 1-2 weeks ago), that TurboTax isn't recognizing my nondeductible contribution/basis from 2024? I did put the values in on the questions/prompts at the end.   Thanks again for any insight. I wonder if calling a TurboTax representative could help to explain as well.

It may take a day or two for your bank to process the transaction. If your bank rejects the refund, it will go back to the IRS. A paper check will be sent to the address on your tax return. This may take a few weeks. If you chose to Pay with my Refund, your refund will go to a third-party bank, fees will be deducted, and the balance will go to your bank. This may take a couple of days.

I am having the same problem and spent over an hour on the phone with TT support yesterday without resolution.     I split out the interest on two different forms for blocks 1 and 3 and their associated blocks 11 and 12. For the "Total Accrued Interest Paid on Purchases" on schedule B, I used the "I need to adjust the interest reported on my form" when entering the information in the 1099-INT interest section for each form and split out the accrued interest between corporate and treasury bonds.   HOWEVER, the accrued interest numbers do not show up in Schedule B, Part 1 as a subtraction.  They are reflected in the total in line 2 but are missing as line items.  If I change the reason to "Other Adjustments", then the amount shows up as a subtraction. Specifically: Schwab (from block 1)   $20,003.10 Schwab (from block 3)   $10,383.71 [Missing subtraction of $835.31] Subtotal  $30,386.81 ABP Adjustment -$452.47   Block 2:  $29,099.03 The block 2 is correct in that it subtract the missing accrued interest figure of $835.31 but it is not supported in block 1.   Again, if I change the reason to "Other Adjustments" then the -$835.31 shows up in block 1 and the numbers all add up properly.  I can't add a note or comment to say it is for accrued interest on purchases.   Appreciate any help on this. Thank you.    

Expect a delay of at least several weeks (often 3–4 weeks or more) for the IRS to issue a paper check. If your bank rejected your refund check, it will go back to the IRS. The IRS will then send a paper check to the address listed on the tax return.