My customers (MFJ) are above AGI limits to take the AOC for dependent daughter - as has been the case for the prior 4 years.
Daughter finished her undergraduate degree in the 1st 1/2 of 2024 & then began working full time & did not live at home.
Parents will not be using her exemption for the $500 credit on their 2024 return as she provided more than 1/2 of her own support.
The daughter's 1098-T shows $4,868 tuition. Dad's 1099-Q shows $2,779. Not sure yet what her housing exp. was while at school.
Pretty sure housing exceeded $2,779 though. Can I use housing and course expenses to offset the 529 withdrawal and then use
the tuition amount to calculate an AOC credit for the daughter?
Thanks for comments.
Daughter finished her undergraduate degree in the 1st 1/2 of 2024 & then began working full time & did not live at home.
Parents will not be using her exemption for the $500 credit on their 2024 return as she provided more than 1/2 of her own support.
The daughter's 1098-T shows $4,868 tuition. Dad's 1099-Q shows $2,779. Not sure yet what her housing exp. was while at school.
Pretty sure housing exceeded $2,779 though. Can I use housing and course expenses to offset the 529 withdrawal and then use
the tuition amount to calculate an AOC credit for the daughter?
Thanks for comments.
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