Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Tax Experts - Education Credits 1098-T was received with…

Tax Experts - Education Credits 1098-T...
Tax Experts - Education Credits
1098-T was received with 30,792 in box 2 (amount billed). Also, 1099-Q was received in the amount of 30,500 box 1. Which amount should be used in calculation of educational credit?
Show More
Show Less
Ask Your Own Tax Question
Answered in 6 minutes by:
3/12/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,645
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Tax Question

Because the amount on the 1099Q doesn’t exceed the amount of the student's qualifying expenses, then you don't have to report any of the distribution as income on your tax return. If the distribution did exceed these expenses, then you must report the earnings on the excess as "other income" on your tax return.

When you pay a student’s school expenses with these funds, you cannot claim a tuition deduction or either of the educational tax credits for the same expense. You can only use the amount you paid from other funds. The difference in the tuition and the 1099Q would be the credit amount ($292) to claim.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,645
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
Robin D. and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,645
17,645 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

17,645 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I have a 1099-R that says I had a gross distribution of
I have a 1099-R that says I had a gross distribution of $1003.33. It is the only income I have other than about 19,691.00 from Social Security. How do I figure my tax liability on that amount so I can… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
828 satisfied customers
On form 1040 line4 21 other income. is this where i should
on form 1040 line4 21 other income . is this where i should enter an amount shown from my pensiopn payments form 1099R … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
87 satisfied customers
A quick? Received a notice of credit for income tax
Good afternoon. A quick ? Received a notice of credit for income tax purposes. Notice says if we declared amt of disability as income on prior years taxes. And we did. We now can show that as an. Offs… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
About Form8863 (education credits). I'm gonna take credit
About Form8863 (education credits). I'm gonna take credit for my support for a college student child. (1) Whose names shall be on the top? Mine or my college child's name? (1) Should this be a “Refund… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,954 satisfied customers
In order to get education credit F8863 for what I paid for
in order to get education credit F8863 for what I paid for my child, the child has to be a qualifying child/ dependent, correct?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,954 satisfied customers
My son is filing his taxes for 2017. He received a 1099-Q
My son is filing his taxes for 2017. He received a 1099-Q with a gross distribution. He also has a 1099-T for his scholarship. All of these funds went to pay for his tuition. Why does it seem that we'… read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,645 satisfied customers
I received a 1099-Q form for final distributions from state
I received a 1099-Q form for final distributions from Washington state GET (QTP) program. The time period for its use had expired. Do I include all the earnings as income and do I have to pay a 10% Ta… read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,645 satisfied customers
I am on SSI and have no other income, go I need to file a
I am on SSI and have no other income , go I need to file a tax return? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,645 satisfied customers
I have a question about how to report a 1099-Q distribution
I have a question about how to report a 1099-Q distribution from a Coverdell account. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,645 satisfied customers
DO INEED TO RECORD A 1099-Q ON A TAX RETURN WHEN ALL
DO INEED TO RECORD A 1099-Q ON A TAX RETURN WHEN ALL DISTRIBUTIONS WERE USED FOR TUITITON?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,080 satisfied customers
I RECEIVE A 1099-Q,. THE BREAKDOWN IS AS FOLLOWS: 1099-Q
I RECEIVE A 1099-Q, . THE BREAKDOWN IS AS FOLLOWS: … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
938 satisfied customers
Can I report a 1099-Q from monies received from 529 for
can I report a 1099-Q from monies received from 529 for schooling on a 1040eZ form or do I need to file a 1040… read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,645 satisfied customers
I'm a retired lady with no other income except social Sec.
Hello. I'm a retired lady with no other income except social Sec. I'm 68 yrs. I have a IRA and want to know if I withdraw $2,000. from that account. Do I have to file taxes and pay taxes on that. My s… read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,645 satisfied customers
If a resident US citizen has zero earnings or other income
If a resident US citizen has zero earnings or other income for a few years; are they exempt from any requirement to file a tax return during those years? If that same person chooses to sell off artwor… read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,645 satisfied customers
I know nonresident aliens cannot claim education credits,
I know nonresident aliens cannot claim education credits, however can I deduct MBA expenses as unreimbursed employee expense?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I received a 1099-R for pension distribution which
I received a 1099-R for pension distribution which incorrectly reported in Box 13 that I am a resident of CT. I am a resident of FL. The Disbursement reissued a 1099-R. labeled "Revised" correctly sho… read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,645 satisfied customers
How do I report 1099-Q information on my tax return. This is
How do I report 1099-Q information on my tax return. This is money that was withdrawn early from my son's 529 college savings plan and used to pay bills. I know I have a penalty and must pay taxes. I … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,954 satisfied customers
It's related to my 1099-Q.... I accidentally withdrew my
It's related to my 1099-Q.... I accidentally withdrew my daughter's tuition twice... not sure what happened. As soon as I noticed they deposited double the amount in my account, I redeposited the extr… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,080 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x