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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10172
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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1. I am preparing a tax return (Individual 1040) I have Form

Customer Question

1. I am preparing a tax return (Individual 1040) I have Form 1099-R with $60K Gross Distribution and the Code is 01. I used this to pay for post secondary tuition of $50K. Can I offset the $60K with the $50K tuition (even though it was not though a "plan"? And if so, what forms do I need to file with my 1040?
2. Also want to deduct a home office expense on my 3 member partnership F1065). How do I go about that?
Thank you very much,
Patibikan Duant
Submitted: 8 months ago.
Category: Tax
Expert:  Lane replied 8 months ago.

Hi,

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Yes you can take the tuition and fees deduction. Here's the form: https://www.irs.gov/pub/irs-pdf/f8917.pdf

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OR you may get more relief by taking the American Education Opportunity Credit (if this is for one of the first four years of post secondary: Form 8863

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OR if this is for post secondary AFTER the first four years, you can use the Lifetime learning credit: (Also claimed on form 8863)

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The latter two are tax credits (a dollar for dollar reduction of your tax bill. The first, is a deduction) USUALLY the credits generate a higher tax savings.

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On the home office deduction, you will Deduct in the partnership return, and reimburse the partner who then takes as rental income and deducts as expense.

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The partner who is providing the office space to the partnership should report the rent as income and deduct the expenses on Schedule E. The partner should break out the expenses (utilities, insurance, etc.). This should be treated as a rental property where the partnership is the tenant.

Expert:  Lane replied 8 months ago.
Hi,
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I’m just checking back in to see how things are going.
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Did my answer help?
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Let me know…
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Thanks
Lane
Expert:  Lane replied 8 months ago.

Hi,

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I’m just checking back in to see how things are going.

...

Did my answer help?

...

Let me know…

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Thanks

Lane