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03-09-2008, 04:13 PM | #1 | ||
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I hope you don't mind if I ask you a question about taxes
I've been doing my own taxes with turbo tax for years and usually have no problem. This is a first for me and I'm confused. I have a 19-year-old college student. She lives in the home and depends on us for support. She also works. She also has taken out student loans. Part of those loans were for living expenses (the money is actually in a savings account for emergencies like car repair and books and supplies) Anyway.... Is she MY dependent? IF SO: If she is my dependent, how do I report her 1098-T? I have two for her and when I try to enter it in her tax form, it says she can't because she can be claimed as a dependent on my returns. I'm very confused! She earned about 8K last year including her Alaska Permanant Fund Divident of $1700. I have no problem getting all this info in...but what do I do with the 1098-T? Should I NOT claim her as MY dependent? Is she now her own Head of Household? Thanks so much!!! J
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. Wisdom to the soul is what health is to the body Last edited by sugarboo; 03-09-2008 at 04:32 PM. |
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03-09-2008, 04:18 PM | #2 | ||
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PS:
One is an adjustment for a prior year *a trade school she bailed out of* for $1600 and the othe is a a *Tuition related expense* for the University she now attends at $3821.
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03-09-2008, 06:09 PM | #3 | ||
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I figured it out
She is my dependent and I claim those 1098s on my form Thanks anyway... J
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03-09-2008, 11:02 PM | #4 | |||
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Magnate
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yes .. because she goes to school .. you continue to claim her as a dependent ... and YOU also will post the 1098-T on your form ..
the only thing is - these forms may not be accurate ... you will need to post what the expenses paid (to what your records show) ... and then take the best situation ... the max deduction is $2000 right off of the total INCOME - before the AGI ... which reduces the tax ... OR take the education credit ... which reduced the tax ... you can play with it to see what best works for you! glad you figured it out tho! maybe I still helped ....
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Vonn RRMS - April 2007 It takes only a single idea,
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"Thanks for this!" says: | sugarboo (03-10-2008) |
03-10-2008, 10:55 AM | #5 | ||
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Thanks Vonn,
Thankfully, this credit, the lifetime learning credit for myself, and interest on the home saved me....since I pulled out $7500 from a SEP IRA to survive last year. I'm actually getting $500 back....what a relief!! I hit send....and all done with the tax mess for 2007
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