topic I withdrew $50,000 but $15,000 was for higher education expenses for my grandchildren. How do I input that on this software? in Education

I withdrew $50,000 but $15,000 was for higher education expenses for my grandchildren. How do I input that on this software?

bradandjane — Tue, 24 Mar 2020 01:15:20 GMT

Re: I withdrew $50,000 but $15,000 was for higher education expenses for my grandchildren. How do...

GiseleD — Tue, 24 Mar 2020 01:42:25 GMT

On what form was the withdrawal reported? Was it a 1099-R? Please provide details so we can better assist.

Re: I withdrew $50,000 but $15,000 was for higher education expenses for my grandchildren. How do I input that on this software?

Martax21 — Mon, 21 Mar 2022 19:05:57 GMT

Why did my tax return go from a $1523 Refund to a $1225 taxes owed

when I answered the question about the economic impact payment ?

also why was put on form for child care credit 88 something. The letter clearly

states the money was not taxable.

Re: I withdrew $50,000 but $15,000 was for higher education expenses for my grandchildren. How do...

RaifH — Mon, 21 Mar 2022 19:32:00 GMT

The third economic impact payment is not taxable. Before entering the amount you received, TurboTax may have assumed you had not yet received it and was adding the amount to your tax return. Once you told the system that you already received your economic impact payment, the credit was removed from your tax return.

Form 8812 is used if you are eligible for the Child Tax Credit. TurboTax asks some questions to see if you are eligible and if you received any advanced child tax credit payments. The advanced payments are also not taxable.

@Martax21