Join Early Retirement Today
Reply
 
Thread Tools Display Modes
turbotax & 1098-T (college expenses)
Old 02-26-2019, 09:32 AM   #1
Thinks s/he gets paid by the post
 
Join Date: Jul 2013
Posts: 1,879
turbotax & 1098-T (college expenses)

This is the first time I will be receiving the American Opportunity Tax Credit (for higher education expenses). I've gone through the federal deductions section of turbotax, and was not prompted for any 1098-T info.

Could somebody with experience in this matter tell me what I missed, or what I need to do?

Thanks!

PS - one additional question - the 1098-T only lists tuition expenses, while tuition/lodging/books should all be considered valid expenses. How are lodging/books expenses entered?
mrfeh is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-26-2019, 10:27 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Apr 2008
Posts: 2,006
I thought the American Opportunity Tax Credit input was in the tax credit section and not under deductions.

Anyway, see if the information in this link will help:

https://ttlc.intuit.com/questions/25...er-form-1098-t
statsman is offline   Reply With Quote
Old 02-26-2019, 10:45 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Jul 2002
Posts: 1,581
Quote:
Originally Posted by mrfeh View Post
This is the first time I will be receiving the American Opportunity Tax Credit (for higher education expenses). I've gone through the federal deductions section of turbotax, and was not prompted for any 1098-T info.

Could somebody with experience in this matter tell me what I missed, or what I need to do?

Thanks!

PS - one additional question - the 1098-T only lists tuition expenses, while tuition/lodging/books should all be considered valid expenses. How are lodging/books expenses entered?
For the American Opportunity Tax Credit, lodging and meals are not valid expenses. See: https://www.irs.gov/credits-deductio...ed-ed-expenses for list of eligible and ineligible expenses.

Note though, that eligible expenses for 529 tax free withdrawals is different from the AOTC. Room and board, with some limitations are eligible expenses.
RE2Boys is offline   Reply With Quote
Old 02-26-2019, 12:02 PM   #4
Dryer sheet aficionado
 
Join Date: Feb 2014
Posts: 36
Quote:
Originally Posted by mrfeh View Post
This is the first time I will be receiving the American Opportunity Tax Credit (for higher education expenses). I've gone through the federal deductions section of turbotax, and was not prompted for any 1098-T info.

Could somebody with experience in this matter tell me what I missed, or what I need to do?

I am in my fourth year of doing this. The proper section is under federal, deductions and credits, education (turn on the "choose what I'll work on" to see it).


Some keys:
RE2Boys is correct that generally only tuition applies.
However if you are also taking a 529 distribution, there are other considerations.



Post if you need more details.
Skoach is offline   Reply With Quote
Old 02-26-2019, 12:04 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Jul 2013
Posts: 1,879
Thanks everybody. I'll take another trip into turbotax tomorrow and come back with any questions I may have.
mrfeh is offline   Reply With Quote
Old 02-26-2019, 12:11 PM   #6
Dryer sheet aficionado
 
Join Date: Feb 2014
Posts: 36
Here is a Forbes article on how to manage the combination of 529 and AOC. It is a little dated, but covers how you cannot double dip and how to manage your 529 withdrawals to get the max AOC credit in the final paragraph.



http://www.forbes.com/sites/troyonin...ity-tax-credit
Skoach is offline   Reply With Quote
Old 02-26-2019, 12:22 PM   #7
Thinks s/he gets paid by the post
 
Join Date: Jul 2013
Posts: 1,879
Quote:
Originally Posted by Skoach View Post
Here is a Forbes article on how to manage the combination of 529 and AOC. It is a little dated, but covers how you cannot double dip and how to manage your 529 withdrawals to get the max AOC credit in the final paragraph.



http://www.forbes.com/sites/troyonin...ity-tax-credit
Thanks. Fortunately I had read up on the AOTC last fall, and made sure our 529 withdrawals were $4000 less than the expenses, so we should be good to go.
mrfeh is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
doing tax, question on 1098-t ER_Hopeful Other topics 4 04-20-2017 09:39 AM
confused about ACA's effect on TurboTax's Medical Expenses Worksheet & Schedule A anethum FIRE and Money 4 02-24-2016 03:58 PM
Noticed more people holding signs "need work or food" rayinpenn Other topics 3 05-03-2015 02:51 PM
Tax Question - 1098-T & Scholarships? retiredatfifty FIRE and Money 12 02-14-2014 09:50 PM
extra expenses? lowered expenses? 72t? retiringat50 FIRE and Money 6 01-08-2008 08:30 PM

» Quick Links

 
All times are GMT -6. The time now is 11:44 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.