Education

Hello, For the 2024 tax year, I am trying to figure out why TurboTax used the Schedule D Tax Worksheet to calculate Line 9 on Form 8615 vs. the Qualified Dividends and Capital Gains Tax Worksheet. My situation: Form 8615 Line 8 includes amounts from my (parent's) taxable income, which includes qualified dividends.  Line 8 also includes amounts from my son's net unearned income, which also includes qualified dividends (via line 5, I presume).  Based on how I interpret the Line 9 instructions ( https://www.irs.gov/instructions/i8615#en_US_2024_publink28914rd0e523 ), that means I should be using the Qualified Dividends and Capital Gains Tax Worksheet vs. what TurboTax used - the Schedule D Tax Worksheet.  There is no Schedule J on my (parent's) tax return, and there is no 28% rate gain or unrecaptured section 1250 gain on any of our tax returns.  There is also no Form 2555 filed on the child's return. Form 8615 lines 1 - 5 are as follows:1) 2,9542)

I’m an international student (RA already) who received a 1098-T this year. I noticed that Box 5 includes a health insurance remission, which I understand to be an employment-related benefit (not a scholarship or fellowship).The issue seems to be that the school billed the health insurance through the tuition portal and later applied the remission as a credit — so it appeared in their system as a tuition-related offset. As a result, it was automatically reflected in Box 5 of the 1098-T, even though this remission is part of my employment benefits and not academic financial aid.I have a job offer letter and employment classification showing clearly that this is job related aid.I’m now trying to figure out the best path forward. Some options I’m considering:Omitting the 1098-T entirely, since the actual qualified tuition and the true scholarships cancel out, and the rest is misclassified.Reporting it and applying a tax treaty to exempt the amount federally (as I am eligible for one o

When my son is not a student, my daughter's LLC is $2,000. When my son is a student, my daughter's LLC is $1,400 and my son's is $600. When my son is a student, why did my daughter's LLC not stay at $2,000? Thanks! Q PS... I think this is my last question for my 2022 joint return. @Hal_Al 

 I am planning to take tomorrow off and file my 2022 tax return. (Any helpful advise is appreciated!) As of 2022, my 2 dependent child have received the American Opportunity Tax Credit (AOTC/AOC) four times. In 2022, my son was a junior and dealing with some serious mental health issues. He will be returning to college in August and is planning to graduate December 2026. In 2022, my daughter graduated college and started graduate school in the summer of 2022. Currently (circa. 2022), my daughter has a $1,400 LLC and my son has a $600 LLC. What can I do to maximize both LLCs? Thanks! Q

Currently, my itemized deductions are $2,000 less than the standard deduction. Box 1 on my son's 1098-T is $15,000 and Box 5 is $7,500. If I enter my son's 1098-T and $500 in Other Educational Expenses, will my itemized deductions be greater than the standard deduction? Thanks! Q

For tax year 2022, How do i report my son's 1098-t if he got two?

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How do I enter tuition from private high school and university in same year? The university issues 1099t but high school does not. I ask this so not to get penalized on a 529 distribution. Does TT allow for a student to be registered as both HS and University and subsequently allow for modification of the total tuition paid beyond what’s recorded on the 1099t? Thanks 

I purchased a condominium for my dependent college student to live in while registered as a full-time student 800 miles from home. I realize that I can't use 529 funds to pay the mortgage on this property. Can I use 529 funds to pay utilities (electric, water, sewer, etc.) at the condominium while he lives there? Can I use 529 funds to pay condominium monthly HOA fees while he lives there?

From the Student Information Worksheet, Part V, line 9 "Taxable part" is $8,250, but Schedule 1, line 8r "Scholarship and fellowship grants not reported on Form W-2" is blank? Where does the taxable part of Education Assistance populate on the 1040?

...in 2024 I moved to Italy and became an Italian and because I reside in Italy and pay tax on worldwide income, including USA bank interest income, where do I show the tax credit (treaty related, as I have no foreign income as it relates to the USA) on my USA tax return in 2024?

Where specifically does the info that populates on Form 1099R Summary flow from on Turbo Tax Deluxe 2024?

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TurboTax Premier 2024 Desktop Version on a PC, Windows10.  Fully updated.  20+ years ttax user Entered dependent child's information into ttax.  AGI exceeds threshhold of $2600.  Should trigger Form 8615 but it does not.  I opened form 8615 to try to correct this. PROBLEM:  Under Form 8615, "Child 18 to 23 Smart Worksheet", I cannot click on 'yes'  to complete this form.  TTax has determined the answer is 'No' and I cannot override it. History:Imported a ttax2023 file (e-filed successfully last year) to start a ttax2024 return.  Filled out all data. Personal Worksheet Questions:Part IAge of taxpayer is >18, < 23  Part II1.  Can taxpayer be claimed as a dependent? YES2.  If yes, was taxpayer claimed as a dependent? YES3.  Were you a full time student during any part of five months during 2024? NO         ^^^ This is an oddly worded question by the way.&

My daughter received a scholarship for all expenses (tuition, room, board, books, transportation etc.  We withdrew the same amount from her 529.  I understand the 10% penalty is not applicable; however, is it correct that she/we pay taxes on both the room & board portion of the scholarship AND on the 529 distribution amount equal to room & board?  I realize we did not specifically pay it from our money rather with the schools funds.  The school did refund any excess balance of her scholarship to be used however she liked.  I guess it is not making sense to me to pay taxes on both room & board funding methods (scholarship & 529 distribution) if the 529 allows tax free distribution for Room & Board.   Is it correct that we have to report the 529 earnings as income too?  Again, I am only speaking of the room & board portion.  We fully understand the scholarship portion is taxable.

I received a 1099-Q and would like to know if I need to report it on my tax return.I am the recipient, and my daughter is the beneficiary. The gross distribution was $22,000, which I used to pay for her tuition. TurboTax prompted me to enter the 1099-Q under the personal income section. Some sources say I don’t need to report it since the funds were used for qualified education expenses, but I feel uneasy about not reporting a tax form.Any advice? 

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I graduated with a BS in December 2023. I was not making payments during that time due to course load so did not qualify for the AOTC previously. My 1098-T says I was still enrolled at least half-time for the 2024 tax year and I have been paying off my undergraduate debt since I graduated and got a job. Am I able to claim the AOTC this year since I was technically enrolled or am I out of luck again? 

Ref.: TurboTax Interview Question under "Tell us about your educational plans"... Did you receive a Form 1099-Q for distributions from a Coverdale ESA or a qualified tuition program (QTP)? When completing my wife's and my return, is the answer "No" if my son, the designated 529 beneficiary, and my mother, the 529 owner, received 1099-Qs, but I did not? Thanks! Dad   

Education expenses is the last section for me to complete before I can file my 2022 taxes and I am at a dead stop early in the section. Given the reporting pattern of my daughter's alma mater, an empty 1098-T Box 1 does not make sense to me.  Can someone please explain? Should I ask the college to explain this to me or is the explanation obvious? Thanks! Dad  

I have spent hours trying to get my return filed with the Qualfied Education Credit on my GA return preventing me from e-filing. I have followed the instructions and put the credit amount on my Federal return as a GA state tax payment. When I run the check before filing the GA Qualified Education credit amount comes up. I have filled it in and listed the GA Education Public Foundation as the entity the credit went to. The amount shows. It still won't let me e-file. Another "out of State" taxes paid form comes up for some reason, also with a State box needing to be filled in. We didn't have any other "out of state" income so I can't complete this form. This also comes up as an "error" before filing. I need to fix this as well. I'm getting fed up using Turbo Tax due to issues like this. I'm a CPA and know what I'm doing. I need immediate help on this because it kept me from filing my return timely. I had to file an extension which I've never had to do.

housing paid with student loan

Where do I enter room and board expenses paid by Coverdell ESA distribution, but not included on 1098-T?  I am using Turbo Tax Home and Business desktop. Based on TT On Demand Tax Guidance:"Generally speaking, room and board isn't considered a deductible education expense.The one exception is if room and board was paid for with a Coverdell ESA or 529 plan distribution.In that case, the cost can be deducted from the taxable portion of the distribution." My situation qualifies for that exception. However, I am not sure where to enter this information.  Turbo Tax does not seem to provide a specific field for this situation.   Do I enter it under Other Education Expenses?  The only possible choices here are books and materials.   Tuition and enrollment fees roll in from the 1098-T worksheet, but in order to add room and board there, it seems my only option would be Box 1-Payments.  This would result in the amount reported by