turbotax & 1098-T (college expenses)

[mrfeh]

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?

 

[statsman]

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/2562661-how-do-i-enter-form-1098-t

 

[RE2Boys]

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-deductions/individuals/qualified-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.

 

[Skoach]

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.

 

[mrfeh]

Thanks everybody. I'll take another trip into turbotax tomorrow and come back with any questions I may have.

 

[Skoach]

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/troyoni...wals-with-the-american-opportunity-tax-credit

 

[mrfeh]

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/troyoni...wals-with-the-american-opportunity-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.