Why cant I find my schedule D sheet anywhere?

[Hal_Al]

Q.  What info do I use from his 1098-T in my amendment?

A. You enter the 1098-T.

Q. Does turbo tax allow me to do this pretty easily?

A. No. So, you should use the same essential short cut, that you use on your son's return: Enter the 1098-T with $1555 in box 1 and box 5 blank*.  If you have any books expenses, for simplicity, just add that cost to box 1 (there is a place to add book costs in the interview).

*The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. However receipt of a 1098-T frequently means you are either eligible for a tuition credit or possibly your student has taxable scholarship income. 

If you claim the tuition credit, you do need to report that you got one  (the TurboTax interview will handle this)

You claim the tuition credit, or report scholarship income, based on your own financial records, not the 1098-T. In the 1098-T screen, click on the link "What if this is not what I paid the school" underneath box 1. You will then be able to enter the actual amounts paid. You will also reach a screen that allows you to adjust the scholarship amount for "amounts not awarded for 2023 expenses".

Or if you find it easier, just change the numbers in boxes 1& 5 to what your records and/or calculations show. The 1098-T that you enter in TT is not sent to the IRS.

[Rick Dizzle]

So since I already filed and got my return..can I amend through turbo tax or do I need to go another route?

[LeticiaF1]

You can amend your return directly on TurboTax.  You will have to wait until your original return is processed before filing the amendment.  The program will guide you through the process and the only thing you would need to enter is the Form 1098-T and education expenses you want to add.  

To add Form 1098-T on your return in TurboTax Online:

1. Open or continue your return
2. Select Search and enter Form 1098-T
3. Select Jump to form 1098-t

To add it in TurboTax Desktop:

1. Open or continue your return.
2. Select Federal Taxes and then Deductions & Credits.
3. Select I'll choose what I work on.
4. Under Education, select Start or Update next to ESA and 529 qualified tuition programs (Form 1099-Q).
5. Follow the screens to enter your info.

If you would like more information about amendments and education credits see the following TurboTax help articles:

How to File an Amended Tax Return with the IRS

What Are Education Tax Credits?

@Rick Dizzle 

[rjs]

See the following FAQ for instructions to amend your tax return with TurboTax. (The FAQ says "prior year" but it also works for 2023.)

How do I amend my federal tax return for a prior year?

Since you have already received the refund from your original tax return, you can file the amended return anytime. It currently takes the IRS 20 weeks or more to process an amended return.

[Rick Dizzle]

@Hal_Al 

I went into his return and removed box 5 on his 1098-T and added his books to line 1. It reduced what he owed from almost 700 down to 370. Will he get in trouble for not including his scholarship from box 5 on this and will I have an issue not including it on mine? Want to make sure before I finalize his. Thank you all!!

[Rick Dizzle]

Also in trying to amend mine...I can't claim an education tax break..looks like I make too much. 

So I will do all I can to help him. 

Just will need clarification since I am only filing the 1098-T on his taxes. Am I truly good JUST to fill in line 1 with his books added to that and leave line 5 blank for his scholarships?

@Hal_Al 

[Hal_Al]

Q. Am I truly good JUST to fill in line 1 with his books added to that and leave line 5 blank for his scholarships?

A. No.  You can not do that on his return.  That only works as a short cut on you return, if you were eligible for the AOC, which we now know you are not. He has to enter the 1098-T, as is, and pay tax on $2893 of scholarship. He could enter his book expense, in box 1 (or later in the interview) to reduce the taxable scholarship. 

Q. "So I will do all I can to help him."

A.  That's going to be of limited benefit. We can get that $700 down to zero, on his return, by having him to claim the non-refundable portion of the AOC tuition credit. But then the parent must forgo claiming the student as a dependent, and the $500  dependent credit.  To do that you're going to have to file an amended return to remove him as a dependent. 

The AOC is limited to being claimed 4 times in a student's undergrad years. You may not want to waste one on a $200 savings (the max value is $2500). 

Let me know if that's what you want to do and I'll explain how to enter it. 

[Rick Dizzle]

I have already claimed him and recieved my refund. So looks like he needs to fully fill in the 1098-T. So he will fill in box 1 and box 5 as the statement lists and then add in the books in that section. Is that correct?

[Hal_Al]

Q. I have already claimed him and received my refund. So looks like he needs to fully fill in the 1098-T. So he will fill in box 1 and box 5 as the statement lists and then add in the books in that section. Is that correct?

A. Yes

Maybe there's a "side" issue. He has a W-2 for $17,765 plus a 1099-NEC for $700. That's $18,465 of earned income.  Have you looked at (done the calculations) whether that is more than half his support.  Scholarships are ignored in the support calculation. 

The support value of the home, provided by the parent, is the fair market rental value of the home plus utilities & other expenses divided by the number of occupants.

The IRS has a worksheet that can be used to help with the support calculation. See: http://apps.irs.gov/app/vita/content/globalmedia/teacher/worksheet_for_determining_support_4012.pdf

[Rick Dizzle]

Thank you for all the help! I will file his as such and take a look at the worksheet.

I am the only financial provider in the home. I will do the worksheet to ensure we are good. I really appreciate all the help and support. Much appreciated. 

[Rick Dizzle]

Did the worksheet and we are still all good. @Hal_Al  really big thank you for all the help!