Hi Hal_AI,
You asked for a detailed list of answers to questions. Here are my responses.
- I am the parent, but I also am helping the college students with their returns. I have two college students that both have 529 plan distributions. Therefore, I have a married filing jointly return to work on and I am assisting on two dependent, college students returns that each file as single.
- Both student's are dependents of the parents.
- Student 1: Box 1 of 1098T is $9,347.87 and Student 2: Box 1 of 1098T is $4,771.59
- Student 1: Box 5 of 1098T: $0, Student 2: Box 5 of 1098T: $0
- Student 1: No scholarships, Student 2: No scholarships
- Box 5 does not include any of the 529/ESA plan payment for Student 1 or Student 2
- There are no scholarships for either Student 1 or Student 2
- Box 1 of the 1099-Q for Student 1: $17,143.89, Box 1 for the 1099-Q for Student 2: $8,677.46
- Box 2 of the 1099-Q for Student 1: $1,975.65, Box 1 for the 1099-Q for Student 2: $1,055.14
- The name and SS# on the 1099-Q are in Student 1 and Student 2
- Rom & Board are paid, Student 1 lives OFF campus in a rental nearby, the schools R&B on campus charge are Housing $4,423 and Food Plan $2,922. Student 2 lives ON campus and goes to the same school so the Housing of $4,423 and Food Plan $2,922 are the same cost of attending figures. Therefore, neither student lives at home because the school is too far away in another part of the home state.
- Other qualified expenses not included in Box 1 of the 1098-T do not apply. Books included in cost and computer also used for personal use. The problem is Student 1 off campus lodging and food expense is greater than the cost of attending college amounts.
- Student taxable income: Student 1: W-2 $5,839.21 plus EE Savings bonds that were redeemed, but spent by the student (all college costs paid from 529 plan) the amount of interest of EE bonds was $82.54, Student taxable income for Student 2: W-2 $6,509.71, plus EE Savings bonds that were redeemed, but spent by the student (all college costs paid from 529 plan) the amount of interest of EE bonds was $43.72
- We are not trying to claim the tuition credit
- Student 1 and Student 2 are both undergrads
- Both student 1 and Student 2 are degree candidates that attend school more than half time, full-time in fact.
Thank you so very much for helping me!
