Questions are answered within a few hours on average. We’ll help you get started or pick up where you left off.

Can someone help clarify where I’m supposed to put info for the Grad Retention Program?

• She is using all the tuition to claim the lifetime Learning Credit (LLC) and keeping her scholarship tax free.
• If he has already filed one way, he can file an amended return, going the other way.
• Stipends are taxable depending on what they are used for.
• If your tuition was covered/paid (FREE FOR YOU), and you ALSO received a stipend which is on your W-2, the 1098-T would not be reported.

But, you and the beneficiary  would still have to do the math to see if there were enough expenses left over for him/her to claim the tuition credit. You also cannot count expenses that were paid by tax free scholarships. Also if the school is really paying the tuition reported in box 1 do I even file the 1098T. If I do file it, and do what I said above it says I qualify for LLC education credit. The stipend income is reported on a W2 since that is my only income and I got one from the school. I also got a 1098T and box 1 appears to have tuition paid by the school as part of program but in box 5 it looks like it lists basically the stipend amount.

File your taxes, your way

No, if this was related to your military service training, this would not count as being a full time student. Both the graduate and undergrad expenses will count for the more generous  American Opportunity Credit (AOTC), if you and/or you parents have not already claimed it a total of four times, between you. Since graduation year is usually fifth calendar year of an undergrad career, it’s very likely you will not qualify. In that case, both the graduate and undergrad expenses will count for the Lifetime Learning Credit (LLC). If your stipend is in conjunction to performing duties, such as clerical work, research, etc., then the payment is considered self-employment income, and this will need to be reported on a Schedule C instead. To be classified as a full time student, for tax purposes, you only needed to be in school for parts of 5 calendar months.

May daughter graduated from college in May 2021. Does that qualify her as a full-time student for 2021?

To receive guidance from our tax experts and community. You must meet all three of the basic requirements to claim an education credit (American Opportunity Tax Credit and Lifetime Learning Credit). You’ll need to sign in or create an account to connect with an expert. I’m a college student graduating this spring, and my gross income was 30k from an internship during FY22. This generated a 1099 from my brokerage firm, which I uploaded to TurboTax. Apparently, adding these stock losses makes my return “complex” and TT now wants to charge me $150 for an upgraded version of their software.

Community

You can prepare your return through a company we partner with called Sprintax. After graduating in 2021, I began working on OPT in July that year but since graduating from turbotax I was picked in the h1b lottery, I became an H1B worker on October 1st, 2021. The five calendar months do not have to be consecutive”(IRS). Security Certification of the TurboTax Online application has been performed by C-Level Security.

If he has already filed one way, he can file an amended return, going the other way. @Carl In the US Army and in the US Air Force – AIT or Advanced Individual Training is where the service members go to training for an individual skill and takes place after a service member completes Basic Training. The five calendar months do not have to be consecutive.

This is additional training/instruction conducted outside of normal school attendance and is usually geared towards those who may be a bit behind the rest of there class, to help them keep up. During my time, the most common reason for a trainee to be in AIT, is if they missed a few days of class due to illness. Since the student is not your dependent, I suggest the student make the distributions so the 1099-Q is properly issued to the student. Box 5 is reporting the amount of aid, such as scholarships, that went through the school in your name. Q. Do I just list the box 5 amount to answer the question about amount already included in W2 income. I had put that she lived with me for 1 month on turbo tax, and still received the credit.

Do you have an Intuit account?

However, basic training and advanced individual training, are considered temporary absences from your parents home, for the dependent test. But, I don’t think a 13 month technical course would meet that criteria. So, for example (and it’s a common example), you graduate from high school in May and leave home to join the army.

Do you have an Intuit account?

If you actually paid the 2025 tuition, in 2024, that would count. But, that’s just academic, as you’re probably covered anyway. You would select “Someone not on this tax return” and that would be the end of it. I had jobs on campus since I got to the U.S so every year I filed taxes. I also had to pay taxes on my scholarship for college, that’s why I got form 1042s.

• Cook was president and CEO until 1994, and now serves aschairman of the executive committee.
• Even West Point cadets are not considered students, for tax purposes.
• Scott Cook, M.B.A. ’76, beganthe company in 1983 together with Tom Proulx (then a computer programmer andstudent at Stanford).
• A person who attended technical school while a member of the military is not eligible for education credits on a tax return, nor is he considerd as being a student for purposes of being a “Qualifying Child” dependent.

Intuit founder and former CEO Scott Cook will address HBS class of 2015

A. You claim the room and board and book expenses  against the 1099-Q. So do I enter the 1098T and then just list the box 5 amount to answer the question about amount already included in W2 income. Generally, F-1 visa holders are not considered residents until their 6th calendar year in the United States. Therefore, from 2017 until Sep 2021 you were exempt from the Substantial Presence Test because of the F-1 visa. Your days counting towards the Substantial Presence Test started on Oct 1st, 2021, when you got the H1B visa.