topic 1098T in Education

1098T

Redball10125 — Fri, 19 Feb 2021 00:16:39 GMT

Can you split the amount in box 1 on your 1098T and use some for the American Opportunity Credit and use the rest to offset the interest from EE Bonds cashed in and used on higher education or do you need to enter the amount from box 1 in one or the other????

Re: 1098T

Hal_Al — Fri, 19 Feb 2021 01:31:02 GMT

Yes, you can split your qualified expenses and use some for the American Opportunity Credit and use the rest to offset the interest from EE Bonds cashed in and used on higher education.

Enter your 1099-INT for Savings bond interest first. The follow up interview will ask you to enter expenses and then ask how much was used for the Education credit. Most people will enter $4000

At the 1098-T/education interview, enter you information normally.

Re: 1098T

Redball10125 — Fri, 19 Feb 2021 01:51:30 GMT

Thank you for the help, I thought I should be able to since I only need $4,000.00 for the American Opportunity credit. We had $27,000 in qualified education expenses so I will apply $4,000.00 for the credit and 23,000.00 to the bond interest.