Thanks everyone for all of this clarifying information. It's starting to sound more feasible.
I located the 2020 1098t. No tuition or fees paid. Scholarships of $7,664.
I located the 2021 1098t. $177 in tuition and fees paid. Scholarships of $6,997.
I located the 2022 1098t. $5,159 in tuition and fees. Scholarships of $8,989.
It looks like the father should amend for 2022. Claim the tuition and fees on his taxes. Take the AOTC. And the $5,000 Disbursement to him for the 529.
For 2023 the father should claim the tuition and fees from the 1098t on his return and claim the AOTC?
The student will have to put the disbursement for 2023 of $19,800 on her tax return. Does she offset that with remaining QEE? And then scholarships above the QEE are taxable to her?
I located the 2020 1098t. No tuition or fees paid. Scholarships of $7,664.
I located the 2021 1098t. $177 in tuition and fees paid. Scholarships of $6,997.
I located the 2022 1098t. $5,159 in tuition and fees. Scholarships of $8,989.
It looks like the father should amend for 2022. Claim the tuition and fees on his taxes. Take the AOTC. And the $5,000 Disbursement to him for the 529.
For 2023 the father should claim the tuition and fees from the 1098t on his return and claim the AOTC?
The student will have to put the disbursement for 2023 of $19,800 on her tax return. Does she offset that with remaining QEE? And then scholarships above the QEE are taxable to her?
Statistics: Posted by Sahara — Thu Jan 18, 2024 6:14 am — Replies 30 — Views 1498