I've posted on this earlier, but I do so few of these return types & just don't want to make a mistake on this.
Customer has a 23 year old qualifying child in grad school. AOC was used over the prior 4 years
The 2019 1098-T box #1 Tuition was $ 21,679. Box 5 Scholarship $ 7,650. Boxes #8 & #9 are both checked.
There was also a 2019 tax year 529 distribution of $15,241 (box #2 earnings -$37,238 and box #3 basis $47,480)
Since the earnings on the 529 distribution were negative, I have assumed the 529 distribution to be a non-issue for the
coordination with the ed. credit and propose to use $ 10K of tuition to get the maximum 2K LLC on the return.
Anybody out there think I'm not handling this right ?
Will sure appreciate any comments.
Customer has a 23 year old qualifying child in grad school. AOC was used over the prior 4 years
The 2019 1098-T box #1 Tuition was $ 21,679. Box 5 Scholarship $ 7,650. Boxes #8 & #9 are both checked.
There was also a 2019 tax year 529 distribution of $15,241 (box #2 earnings -$37,238 and box #3 basis $47,480)
Since the earnings on the 529 distribution were negative, I have assumed the 529 distribution to be a non-issue for the
coordination with the ed. credit and propose to use $ 10K of tuition to get the maximum 2K LLC on the return.
Anybody out there think I'm not handling this right ?
Will sure appreciate any comments.
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