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Mydaughter has a full ride scholarship at muw, we also have…

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Mydaughter has a full...

Mydaughter has a full ride scholarship at muw, we also have pact. program for state of Alabama, pact program sent 1099-Q and muw sent 1098t, pact program says once money is sent to muw its up to them to distribute it

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

1098t line 2= 17548 line 5 = 27,513, pact line 1= 12717.95

Submitted: 2 months ago.Category: Tax
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4/2/2018
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 2 months ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 882
Experience: Business Consultant/Accounting Manager
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Hi. Great Question.

Line 5 is greater than Line 2 - which means you cannot deduct any of the expenses.

The 1099Q shows the distribution from the program. If the $12.7k is used for expenses, you are fine and not taxed.

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 2 months ago

Let me know if this helps and if you have any questions. Thank you.

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 2 months ago

Qualified expenses for the 529 plan are as follows:

Tuition and fees are considered required expenses and are allowed, but when it comes to room and board, the costs can't exceed the greater of the following 2 amounts:

  1. The allowance for room and board included in the school’s cost of attendance for federal financial aid calculations
  2. The actual amount charged if the student is living in housing operated by the educational institution
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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 2 months ago

Let me know if this helps and if you have any questions. Thank you.

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