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AntheasMom
April 13, 2020
Question

Not eligible for education deduction or credit

  • April 13, 2020
  • 1 reply
  • 0 views

I paid $24000 for tuition from 529. The 1098-T shows tuition is $37062, besides Room and board is $10650. But I'm not eligible for an education deduction or credit because 1) QTP distributions exceed the education expenses; 2) There were no net qualified education expenses. Can you explain why? Thanks!

    1 reply

    M
    MAK70
    April 13, 2020

    Do you meet the income qualification?  The full credit is available to those whose “modified adjusted gross income” does not exceed $80,000 and $160,000 for single and joint filers, respectively. If your income exceeds these thresholds, your credit is reduced.

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