Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
1099Q
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
anita1
Level 3
Monday
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I need help with a 1099Q . The software is taxing the earnings.
The 1098T has tuition of $15290 scholarship of $5000
1099Q is $982 gross earnings $92
The parents are high income therefore no American Opportunity credit.
The 1099Q form calculates the tuition as $15290 less $5000 less $10000.leaving only $290 as qualified tuition. What is $10,000 that the software is pulling out???
And why?
Labels
3 Comments 3
Just-Lisa-Now-
Level 15
Monday
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You need to scroll down the 1099Q worksheet to Page 3 and enter the amount spent in there too. Its clunky, but I think thats where you fix it.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
anita1
Level 3
Monday
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Nope that is not it at all. The software automatically places $10,000 as if you paid loans You must delete the 10,000 manually for the 1099Q to work correctly. The 10000 sits in a formula a the bottom of the dependent form. Very frustrating.
Frustrated-in-I
Level 9
Monday
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
In addition to what Lisa suggested, you may want to look at Line 18 of Part VI of the Student Information Worksheet. The program likes to be helpful by putting amounts on that line when you don't want an amount there. If this is your problem, just delete it and all will be right in the tax world again.
