Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Ask the Experts about the Child Tax Credit >> Event happening NOW!
cancel
Showing results for 
Search instead for 
Did you mean: 
shawjamesr
New Member

In the "Expenses and Scholarships" section it asks for my income. Does short term and/or long term capital gains in stock sales count as income for this section?

 
1 Best answer

Accepted Solutions
Marilyn
New Member

In the "Expenses and Scholarships" section it asks for my income. Does short term and/or long term capital gains in stock sales count as income for this section?

It could... Sounds like you are entering Education Expenses.  The Form 8863 does consider your income in calculating the amount of deduction and/or credit you may receive for these expenses.

If you are able to finish entering all of your income (including the capital gains) to get an accurate income amount for calculating Education Deduction or Credit, you may wish to complete this first.  If not, you can go back into the Education section after you've entered all income.

Be sure to go all the way thru the section when you do this.

Here's some info about Education Tax Breaks

View solution in original post

1 Reply
Marilyn
New Member

In the "Expenses and Scholarships" section it asks for my income. Does short term and/or long term capital gains in stock sales count as income for this section?

It could... Sounds like you are entering Education Expenses.  The Form 8863 does consider your income in calculating the amount of deduction and/or credit you may receive for these expenses.

If you are able to finish entering all of your income (including the capital gains) to get an accurate income amount for calculating Education Deduction or Credit, you may wish to complete this first.  If not, you can go back into the Education section after you've entered all income.

Be sure to go all the way thru the section when you do this.

Here's some info about Education Tax Breaks

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v