1098-T: All boxes empty except: Box 2: $9359 (amt billed). Box 5: $5000 (scholarship)
Student is at least 1/2 time. Box 7 checked.
TP tells me the scholarship is $9000 and student received $4500 then $500 from FAFSA. The TP paid $5600 for board and food + $500 for books. Student Freshman and TP - AGI is $42500K.
Tax return generate $1500 Education credtis + $1000 American Opp credit for a total of $2500 credit which is the max for the American Opp credit.....I had my software choose the best credit or deduction.
There is got to be an easier and more efficient way to work these.
Student is at least 1/2 time. Box 7 checked.
TP tells me the scholarship is $9000 and student received $4500 then $500 from FAFSA. The TP paid $5600 for board and food + $500 for books. Student Freshman and TP - AGI is $42500K.
Tax return generate $1500 Education credtis + $1000 American Opp credit for a total of $2500 credit which is the max for the American Opp credit.....I had my software choose the best credit or deduction.
There is got to be an easier and more efficient way to work these.
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