The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: 1098T/Education credits?||Date: 2/13/2013 12:50 PM|
|Author: GolfForeU2||Number: 117747 of 125456|
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?
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