"Qualified education savings" is just an informal term for Qualified Tuition Plans (QTP), the most common being the 529 Plans and the Educational Savings Account (ESA or Coverdell ESA). If you have such a plan, those terms are usually in the account name. Q. What all can I include as education expenses?Tuition and feesYes, up to the full amount of college or vocational school tuition and required fees. Limited to $10,000 per year for K-12.Books and suppliesFor college expenses onlyComputers, software and internet accessFor college expenses onlyRoom and boardFor college expenses only, if the student is enrolled at least half-timeSpecial needs equipmentFor college expenses onlyTransportation and travel costsNo, costs associated with transportation to and from campus, such as airfare or gas, are not qualified education expensesHealth insuranceNo, even health insurance policies offered by a school are not considered qualified expensesCollege application and testing feesNoExtracurricular activity feesNoStudent loansYes, with a lifetime limit of $10,000

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mikedavis_29

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What is qualified education savings? what all can I include as education expenses?

Forum|Forum|2 years ago
April 17, 2023
1 reply
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TurboTax Live Basic Online

Best answer by mglauner

My parents don't claim me. But your answers still confuse me on what I can input to my taxes

Did you receive a 1098-T from your school? In the Education section (under Deductions & Credits), you designate yourself as the Student, enter info about your school, and enter your 1098-T. If your Box 1 is larger than your Box 5, you will automatically qualify for an Education Credit. Your Scholarships are applied towards your Tuition expense, and the balance is then eligible for a credit.

If your Box 5 is larger than your Box 1, on the following screen enter Books, Computers, and other Expenses.

At the Education Summary page, click on Scholarships. You will then get a question as to whether any of your Scholarship Income was not used to pay 2022 Expenses. Say YES and you will get a screen where you can indicate that Scholarship was used to pay for Room & Board.

Here's more info on How to Enter a 1098-T and Qualified Education Expenses.

@mikedavis_29

Hal_Al

Employee

"Qualified education savings" is just an informal term for Qualified Tuition Plans (QTP), the most common being the 529 Plans and the Educational Savings Account (ESA or Coverdell ESA). If you have such a plan, those terms are usually in the account name.

Q. What all can I include as education expenses?

Tuition and fees	Yes, up to the full amount of college or vocational school tuition and required fees. Limited to $10,000 per year for K-12.
Books and supplies	For college expenses only
Computers, software and internet access	For college expenses only
Room and board	For college expenses only, if the student is enrolled at least half-time
Special needs equipment	For college expenses only
Transportation and travel costs	No, costs associated with transportation to and from campus, such as airfare or gas, are not qualified education expenses
Health insurance	No, even health insurance policies offered by a school are not considered qualified expenses
College application and testing fees	No
Extracurricular activity fees	No
Student loans	Yes, with a lifetime limit of $10,000

mikedavis_29Author

Can i use college tuition as an expense even if i have scholarships that pay for it? And for school I moved away from my family and pay my own rent to go to school, can I use my rent bills as room and board?

AmyC

Employee

1. Probably

If your parents are claiming you, they claim the education credit. If you are paying your own way, then you may be able to claim the credit.

If your scholarship is earmarked for tuition only, then it can't be moved about. Most scholarships are not and you can claim they went towards room and board so that you can claim the $4,000 scholarship income needed to get the full education credit and the full education credit.

See more here.

For variations and references, please look at another of my answers for help.

2. Room and board expenses off campus are limited by what the college publishes for off campus living.

See Pub 970

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