Client's daughter received a 1099Q, which was disbursements for her 2017 college education. The college bill came and the family disbursed the funds accordingly.
So the bill was 15,000.00 for the year and the disbursements from the 1099Q was exactly for that amount.
Mom and Dad are going to take the American Opportuntity Credit.
Am I correct that when I calculate the 1099Q do I deduct from the daughters qualified educational expense the payment of $4,000.00 that mom and dad are taking as a credit on their return . Making her net college payment $11,000.00
which will make her have a little bit of a payment on her return.
Daughter does not have any expenses for books or room and board.
Many thanks,
So the bill was 15,000.00 for the year and the disbursements from the 1099Q was exactly for that amount.
Mom and Dad are going to take the American Opportuntity Credit.
Am I correct that when I calculate the 1099Q do I deduct from the daughters qualified educational expense the payment of $4,000.00 that mom and dad are taking as a credit on their return . Making her net college payment $11,000.00
which will make her have a little bit of a payment on her return.
Daughter does not have any expenses for books or room and board.
Many thanks,
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