Education in TurboTax-Deluxe

[StingerAlex]

Hello!

Just downloaded TurboTax 2020. Have some problems.

1. Entering the 1099-T form is very confusing.

Firstly program loading my last year return. After this I am going through some questions in the interview, and

finally is asked:

Your daughter is still in such and such University? - Yes

At this point I assume that program knows everything about this college. Go to the next question and see the following:

"Has she attended another college this year?" - and I answer "No", because she did not attend any other

school besides the one answered "Yes" in the previous question. Only on the third evolution I tried "Yes" and it was the right choice.

2. Inside the 1099-T interview I received the question "Have you received the 1099-T" in 2019?

So is it  "in" or "for", because this form is issued in the first month of the next year.

3. Is formula correct:

(Money paid for room and boarding) = [Box5(1099-T) + (other scholarships)] - [Box1(1099-T)]

Thank you!

[DawnC · Accepted solution]

Box 1 is total amount of payments received for qualified tuition and related expenses from all sources during the calendar year.   Qualified tuition and related expenses are tuition, fees, and course materials required for a student to be enrolled at or attend an eligible educational institution.   The following are not qualified tuition and related expenses.

• Amounts paid for any course or other education involving sports, games, or hobbies, unless the course or other education is part of the student’s degree program or is taken to acquire or improve job skills.

• Charges and fees for room, board, insurance, medical expenses (including student health fees), transportation, and similar personal, living, or family expenses.

There is a separate place on the 1098-T entry screen for reporting these expenses.   They can be used of offset excess taxable scholarship income in some cases.  

Make sure that you imported your 2019 return into the 2020 software.   It sounds like you may be working in the 2019 software instead.   Does it say 2020 TurboTax at the top?  

[StingerAlex]

Thanks!

Sorry,  it is of course 1098-T form.

It is definitely TurboTax Deluxe 2020.

In my case form 1098-T has only two numbers - in Box 1 and Box 5 each. On the next pages it has only itemized payments amounts. It does not separate specifically Room and Board from other non-tuition payments.

So it is either the TUITION, Student Services, Campus Fees or scholarships and grants. My understanding is that if I sub-struct  Box 1 from Box 5 result will be the amount asked in the TurboTax question about money paid for Room and Board.

[DawnC]

The 1098-T info is enter on the School Page.  The other expenses are on the Student page.   It is confusing; there are 2 Summary screens.  

Click through the screens until you get to the Expenses Summary, which will list all students on your return. 

For room and board and other expenses, you will need to click on Edit, next to the name of the student on the screen titled Your Education Expenses Summary.  

That will take you to a screen titled Here's Your Education Summary.  From this screen, you can edit the tuition amounts on 1098-T by clicking on Edit next to the name of the school.  

[StingerAlex]

Problem is my form is in PDF format, not electronic, I cannot "click" anywhere.

If we talk about TurboTax screens it does not help to the Room and Board calculations. I put it myself.

Can TurboTax load this form in a way it loads W2 forms?

[KatrinaLO]

If you are having issues and need assistance, please contact customer support. Please see the Customer Support phone number below:

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

If you would like to reach out through our website, please see the TurboTax FAQ below for contact information: https://support.turbotax.intuit.com/contact/

[StingerAlex]

Thanks!