web site for tax info re: college

[Karenciavo]

Any one know of a web site where are the tax implications for scholarships and credits for out of pocket are listed? A site where everything is spelled out would be great i.e., not irs.gov :lol:

 

Thanks

[OLG]

Don't know of a site but you could ask specifics on College Confidential or search for answers. YOu probably already know that scholarships for tuition and housing are not taxed (nor transfer of credits) but if a meal plan is included in a scholarship, that would be taxed. I'd be interested in seeing a site like this too!

[LizzyBee]

I don't know of a website. But scholarships for housing and meals are taxable.

[Karenciavo]

can we claim a credit (AOTC) for items paid for from a 529c?

[OLG]

can we claim a credit (AOTC) for items paid for from a 529c?

 

I don't think so but could only find the following source.

 

http://collegesavings.about.com/od/aotcfaqs/f/american-opportunity-tax-credit-student-loans-claim.htm

 

"However, you cannot claim the American Opportunity Tax Credit for expenses that were paid with a scholarship, grant, or tax-free educational assistance from an employer.

In addition, you cannot claim the American Opportunity Tax Credit on expenses paid with a tax-free distribution from a Coverdell ESA or a Section 529 plan."

[Karenciavo]

Thanks. I guess between books, the deposit, and his computer we can scrap together enough for the full credit. Next semester I'll know better. I wonder if you can deduct XL sheets :D

 

ETA: I don't think computers/technology are allowable for the credit, but we can use that as a 529c expense and his board (for example) toward the credit.

Edited July 19, 2011 by Karenciavo