- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Where do I enter the $50/month credit I am eligible for, for having a foreign exchange student living with me last year?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Where do I enter the $50/month credit I am eligible for, for having a foreign exchange student living with me last year?
The $50 per month for hosting a foreign exchange student that you refer to is actually a tax "deduction," and not a tax "credit." (The difference here being that a credit is a dollar-for-dollar reduction in your actual income tax liability, whereas a deduction simply reduces the amount of your income subject to being taxed -- thus making a tax credit the much more valuable of the two.)
But, that aside, a detailed answer to your question is provided at the following clickable AnswerXchange link:
https://ttlc.intuit.com/questions/3674572-foreign-exchange-student-deduction
There you will find a significantly more detailed discussion of this particular deduction, as well as instructions on how to enter this information into TurboTax.
Thank you for asking about this.
Still have questions?
Or browse the Forums