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fengle
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- Posted Re: Room & Board Expenses -- where to enter on Education. February 9, 2020 8:34 AM
- Posted Re: Room & Board Expenses -- where to enter on Education. February 9, 2020 8:25 AM
- Posted Room & Board Expenses -- where to enter on Education. February 9, 2020 7:50 AM
- Posted Fengle here (I asked the question). To clarify, tuition... on Education. June 6, 2019 9:44 AM
- Posted How do I address on my 1040 form that 1098-T from my daughter's college makes it appear she received scholarships in excess of tuition & fees paid, which is not the case. on Education. June 6, 2019 9:44 AM
February 9, 2020
8:34 AM
Thanks for your response. I am the owner/recipient of the 529 plans for both my daughters; my daughters are the beneficiaries. So it definitely gets addressed on my taxes. I am aware that room & board isn't listed on the 1098-T form. But the TurboTax 1098-T section was the only place that, once I entered the data from the 1098-T, then also asked what I paid for room & board. But it only asked for the daughter for whom I have a 1098-T. It didn't ask for the other daughter. When I answered NO to question "do you have a 1098-T for her" it brought up a screen that asked if I was an exception and her school didn't need to issue her a 1098-T. I answered YES to that, thinking that would bring me to a screen where it would ask about room & board, like it did for my other daughter. But it did not ever ask that.
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February 9, 2020
8:25 AM
Carl - Thanks for your input. What exactly is the "bug" you referred to? I can do what you recommend, but I am pretty sure I filled it out correctly the first time. And which is the part you refer to as the "education section?" Under Deductions & Credits, there's a section titled " ESA and 529 qualified tuition programs (Form 1099-Q)" and a section titled "Expenses and Scholarships (Form 1098-T)." Are you saying redo both of those? I am kicking myself now for paying her 2019 spring tuition in late 2018. If I had paid it in 2019, I would have a 1098-T and this would all be moot. TurboTax completely shuts me down when I answer that I have no 1098-T for her.
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February 9, 2020
7:50 AM
Where in TurboTax do I enter the total I paid in 2019 for college room & board for my Daughter #1, if I don’t have a 1098-T for her? I’ve queried this question and seen answers that say you don’t enter room & board payments in TurboTax, but I am seeing otherwise. My Daughter #2 in college received a 1098-T for 2019, and when I entered that info into TurboTax, it also allowed me to enter what I paid for both room & board and books. However, not the case for Daughter #1. She attended her final college semester in Spring 2019 and then graduated. In 2019, I withdrew funds from her 529 account to pay for room & board and her books. I did not receive a 1098-T for 2019 from her college, because I paid her tuition and fees for her final semester in December of 2018. In the 1098-T section of TurboTax, I entered NO to the question "Did you receive a 1098-T?" The screen that came up next then gave me a place to enter what I paid for her books, but not the room & board. In an earlier section of TurboTax, I entered the 1099-Q info for both daughters' 529 accounts, showing the total amount of funds for qualified education expenses that I withdrew in 2019. If I cannot enter anywhere in TurboTax the amount I paid for room & board for Daughter #1, won’t TurboTax think I withdrew more money from her 529 than I used to pay for qualified education expenses, and then charge me taxes and a 10% penalty on the earnings portion of the money I withdrew to pay her room & board?
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June 6, 2019
9:44 AM
Fengle here (I asked the question). To clarify, tuition & fees for Spring 2017 were billed AND PAID in Dec 2016, the scholarship was applied in Jan 2017, and the amount billed exceeded the scholarship amount so there were no excess scholarship funds left over. Not sure if your suggestion will work, as again the payment was NOT in 2017. Also, we are not trying to get any higher learning tax credits....we don't qualify due to income limits. Just concerned that the 1098-T makes it look like there were excess scholarship funds when there were not. Every semester of her college, the tuition & fees billed amount always exceeded her scholarships received.
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June 6, 2019
9:44 AM
My daughter, whom we still claim as a dependent on our taxes, graduated college in May
2017. The 2017 Form 1098-T from her college shows $0 in Box 2
(tuition billed), which is correct because her Spring 2017 semester fees were billed in 2016, not 2017. 1098-T Box 5 shows $4,500 of scholarships were applied for Spring 2017 semester, which is also correct. But the timing difference in how the school shows spring semester (tuition billed goes on previous-year 1098-T and scholarships applied go on current year 1098-T) makes it appear that she received scholarships in excess of tuition and fees paid, and that is not the case. The 1098-T is in daughter's name. Will IRS be asking her why she didn't declare an extra $4,500 of income on her tax return, since the 1098-T makes it look like excess? Or can I address this somehow on our taxes?
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