The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/1098teducation-credits-30540319.aspx

Subject:  1098T/Education credits? Date:  2/13/2013  12:50 PM
Author:  GolfForeU2 Number:  117747 of 121114

We are using Turbo Tax to help file our income taxes, as we have in the past. However, I have questions concerning education credits for college for our student who is a junior for 2012-2013.

Even though taxes will be owed for scholarship amounts going toward non-qualified expenses, Turbo Tax comes up with the American Opportunity Tax Credit for $1.00 on the parents tax return. The tax for scholarship for non-qualified expenses would be going on the college students return as I expected.

I just think that is strange that any credit is given. Can anyone help explain this? Can we avoid taking the $1.00 credit?

Also, one class was taken at a junior college this summer, so how should that be considered...part or full time?

Thanks.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us