College in highschool

Forum|Forum|6 years ago
March 22, 2020
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My son, a dependent, is a full time high school student that took college in high school courses. One college provided a 1098T with the payment we made in box 1. The other colleger provided a 1098T showing the full tuition for the course in box 1 and a scholarship or grant in box 5 reducing it to the actual amount paid for the credits. Assuming I can file for Lifetime Education Credit, I am uncertain how to get Turbo Tax to do this correctly. Especially since the on 1098T is showing a scholarship as I am not sure they completed this correctly. This is the first time I have seen it done this way.

TurboTax Home & Biz Windows

ColeenD3

If you have any questions about why there is a scholarship entered on the 1098-T, you will need to contact the issuer. If you paid out of pocket more than is listed on the forms, you can include those amounts.

Otherwise, just enter the 1098-T forms exactly as they appear.

The amount of the credit is 20 percent of the first $10,000 of qualified education expenses or a maximum of $2,000 per return. The LLC is not refundable. So, you can use the credit to pay any tax you owe but you won’t receive any of the credit back as a refund.

sanngregory1Author

Thank you for your response! I guess my question lies more with the fact of can I use the LLC for a full-time high school student that has taken 9 college credits during the 2019-2020 school year? Thx again 🙂