Student Loan & Education Tax Topics

Education

Education: Deductions, Credits, and Answers

There’s no doubt about it, education tax benefits can make a huge difference in your refund. The American Opportunity Tax Credit (AOTC) typically offers the largest tax break. But if you don’t qualify for that, there’s always the Lifetime Learning Cr... read more

Student Debt Relief Plan: Am I impacted?

On August 24, 2022, President Biden, Vice President Harris, and the U.S. Department of Education announced announced a three part student loan debt relief plan to help federal student loan borrowers following the pandemic. The three part plan include... read more

529 distribution to beneficiary for non qualified rent expense. How to avoid the ten percent penalty??

I dont see this situation here. I have a niece I set up a 529 plan for. She is currently a freshman in college. Next year in fall she wants to rent an apartment off campus with two friends. As I understand distributions for rent from my 529 plan are ... read more

I was a full time law school student in 2024, I received 50,000 in scholarship but it went toward my 100,000 tuition bill. Why am I being taxed on the 50,000?

This answer has been verified for accuracy by an Intuit expert employee Tax deductions for RNs

Are any of these tax deductible?:Continuing education and trainingRN license ScrubsEquipment (stethoscope, etc...)Parking at facility of employment Subscriptions Anything I have forgotten?

Non-qualified 529 distribution due to old scholarship

I am several years out of college but when I attended I had a scholarship that resulted in me having leftover money in my 529 account. I understand that typically scholarships can allow you to withdraw from the 529 for non-qualified expenses without ... read more

1098-T Box 5 includes health insurance remission — misclassified as scholarship/fellowship?

I’m an international student (RA already) who received a 1098-T this year. I noticed that Box 5 includes a health insurance remission, which I understand to be an employment-related benefit (not a scholarship or fellowship).The issue seems to be that... read more

Can I take unused scholarship money and save it for next year's qualified expense?

Lifetime Learning Credit

I'm currently filing my taxes as I did an extension and for some reason I'm not getting the lifetime learning credit, but I'm getting the full amount for the American opportunity credit. My income was much lower then the 90,000 and I currently still ... read more

Refunded 529 funds

My child just started her first year at college. She decided last minute to change from living on campus to commuter status however the bill for on-campus room and board was already paid for with 529 funds. A refund was just received by my child for ... read more

529 payment check not encashed by school, student drops out of college

1. Son enrolled in Fall Semester for 2 courses. Paid fees from personal bank account as the tuition deadline was too close to send from 529 plan as their usual check delivery to school can take 2-3 weeks.2. Later son decided to enroll in one more cou... read more

my son's grants is more than tuition, the excess of grants over tuition is taxable, do I have to reduce qualified 529 withdraw by this excess?

my son, my dependent, attends an eligible college, for 25-26 school year.his grants is $30320,tuition is $23348, so grants - tuition =$6972, this will be his taxable income, right?his subsidized loan is $5442.his room and meal expense is $14160,his w... read more

The room and board invoice is less than the listed Cost Of Attendance. Up to what amount (from these two) can I use my 529 funds for?

The college website lists the different Costs of Attendance for the different scenarios (Lives w/ Parents, Lives On Campus, Students w/ Dependents). My son stays on campus and is in his first year. The college website says that the cost for Housing a... read more

Paying off student loan debt

My student loans were under the SAVE Plan. I could make payments with no interest based on my income. I paid off the entire student loan (about $7800.00) this year and none of it went to interest. Is there any tax deduction for this? It was a federal... read more

Where is employer pay recorded on a student's 1098-T?

Is an employer's third-party payment made directly to the school reportable in box 1 or box 5 of the 1098-T? I have read that many schools will report it in box 5 but I have also read that it should not be reported in this box. Does it change if the ... read more