HI All, doing my taxes in TaxAct, and it is saying we do not qualify for the any education tax credits and that my daughter will need to claim over 2000 on her taxes. I don’t understand it as her billed amounts are more then her scholarships. Here are the numbers, am I missing something?
The taxable amount of ----- scholarship income is $2,879. This amount needs to be reported her return (if a return is required). TaxAct will not include this income on your return.
Total scholarships, grants, etc.
$13,248
Teaching, research, and other services
$0
Used for unqualified expenses
$0
Qualified education expenses
$10,369
Excess scholarship income
$2,879
Taxable scholarship income
$2,879
Tax-free scholarships, grants, etc.
$10,369
It is saying her QEE is $10,369. If her QEE is really $15k, then something has been entered wrong.
How much were her billed expenses from the tuition bill, NOT on the 1098? Enter those . There is a place on TaxAct to say your figures are different, and you want to use your own numbers, not the 1098. Also a place to enter books or other amounts paid.
I just went back to the SIS bill and everything for QEE added up to 15,734. With the calculations it looks like box 2 and box 5 have mixed up numbers, but I have check and reentered them numerous time with the same outcome. Her QEE is 15734, not 10,369. I am really lost on this one. I did not enter the 10,369# anywhere on the taxes.
Oh my Gosh, I just realized I had the same question last year, I forget to add in the scholarship in the amount actually paid. Feeling really stupid right now. But all is good!