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Recent Education Credit questions

I'm working on my 2016 taxes, on extension. I have 2 kids in

I'm working on my 2016 taxes, on extension. I have 2 kids in college plus me, full time. I noticed I got the American opportunity credit for only me and my daughter though, don't know why not all thtee, 4000 credit for 2 students only. Shouldn't I get it for all 3 of us?Also, my daughter had scholarships and 9k in loans for one semester on campus at Manhattan college. It asked if she used any grant money for room and board, so I put the $7200 for room and board which college charged her. It got me an extra $200 refund, but said she may have to claim it as income on her taxes, so i removed it for now, didnt submit yet. If i put it back on, will it affect her tax return? She already filed and is expecting a $400 refund, why would she have to claim it as income, as most of the $7200 was covered by a parent plus loan i took for her, and she ony made $5,000 in work income in 2016, and shes a full time college student. Will it affect her tax return?

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Mark Taylor

Certified Public Accountant

Masters

3,750 satisfied customers
I have a traveling job. I am paid a stipend. I was told that

I have a traveling job. I am paid a stipend. I was told that the stipend is low enough that it is not taxable and therefore I do not need to keep receipts.Is that possible? If so, what is the maximum amount?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,920 satisfied customers
Would increasing my 401(k) contribution increase my tax

Would increasing my 401(k) contribution increase my tax credit next year and is there a formula/equation to determine by how much?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,920 satisfied customers
What do i show to prove my education credit, got a letter

what do i show to prove my education creditJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: got a letter saying they are auditing my education and american opportunity creditJA: Is there anything else important you think the Accountant should know?Customer: no

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

5,920 satisfied customers
My taxpayer received a 2016 Form 1098-T wilh an amount in

Hi Pearl - My taxpayer received a 2016 Form 1098-T wilh an amount in Box 4, reducing her 2015 tuition. However, she didn't file a tax return (and therefore did not get an education credit) for 2015. What do we do with this 2016 adjustment when there was no 2015 tuition credit to adjust? Thanks.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: No. That's it.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,480 satisfied customers
2 tax questions 1. Can you claim tuition expense for a

2 tax questions1. Can you claim tuition expense for a dependent child if your income is too high.2. For day care expense if you have 5000 taking out of payroll for dependent care but expenses are 9,000 is the excess amount not elligible dependent care expense deduction.

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Lev

Retired

Bachelor's Degree Equivalent

25,432 satisfied customers
Do we need to do anything with the data in box #2 on Form

Do we need to do anything with the data in box #2 on Form 1098-T? Box #1 is empty.(Box #1 -"payments received" - is empty. Box #2 is called "amounts billed")

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Brian Michels

Partner, CPA

Bachelors of Business Administration

320 satisfied customers
I have a form 1099-Q for a client that has the following

I have a form 1099-Q for a client that has the following items:Line 1 Gross Distribution $5,948.13Line 2 Earnings $137.94Line 3 Basis $5,810.19I also have a form 1098-T with education expenses of $19,487. Does that mean I do not do anything with form 1099-Q because the education expenses are higher?

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Lev

Retired

Bachelor's Degree Equivalent

25,432 satisfied customers
I have a tax question. My son goes to UNLV in Las Vegas. He

Good afternoon. I have a tax question.My son goes to UNLV in Las Vegas. He received a 1098-T for the amount paid in tuition for 2016. He paid $4100.00 in tuition not counting books and stands to get a nice refund if he can use his college credit.The way they apparently count what was paid in 2016 for the 1098-T is they include tuition for summer and fall of 2016 and spring of 2017. He is taking four classes this spring but did not take any in the summer or fall.The school did not check any of the boxes for being considered a full or half time student or no student at all and looks to be an oversight on that 1098 form. He called the school but just got the run around. It looks like according to Turbo tax that if he is a full time student for one semester that would qualify him for the tax credit for his 2016 taxes.My son is a just man and only wants to get what is legally allowed. To me it looks like he can take the credit which will get him another $2000 in refunds but won't do so if it is not legal to do so.Can he use the education credit based on these circumstances? We appreciate your help with this! ***** *****

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Robin D.

Vocational, Technical or Trade School

25,644 satisfied customers
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