Taxpayer Information: | |||
Taxpayer's Name: | |||
Tax Year: | Filing in: 48 states Alaska Hawaii | ||
Filing Status: |
Only for return of WH |
TP is: 65 or older
Blind
Non-res Alien
SP is: 65 or older Blind Non-res Alien | |
Total dependents claimed: | |||
Dependents qualified for EIC: | |||
Dependents qualified for CTC: | |||
Dependents under age 6: | (if qualified for CTC) |
Student Information: | |
(Hover the mouse over the questions for a more detailed explanation.) | |
Is the student the TP, SP or a dependent claimed by this TP? | Dependent TP or SP |
Is the TP or SP a parent of this dependent? | Yes No |
Was at least one parent alive at the end of the tax year? | Yes No |
What was the student's age at the end of the tax year? | 16- 17 18 19-23 24 25+ Disabled |
What is the dependent student's filing status? |
Only for return of WH
Spouse is itemizing deductions
Student: 65 or older Blind Non-res Alien Spouse: 65 or older Blind Non-res Alien |
Is the TP or SP claimed on another person's return? | Yes No |
Was the student's earned income less than one-half of their support? | Yes No (Scholarships are not considered support) |
Was at least one parent alive at the end of the tax year? | Yes No |
Is the student a degree or other credential candidate? | No Degree Other credential |
At what level of time is the student enrolled? | Full-time Half-time Less than half-time |
Are course(s) taken to acquire or improve job skills? | Yes No |
At the beginning of the tax year, had the student completed the first 4 years of postsecondary ed? | Yes No |
Has the student used American Opportunity Credit for 4 years? | Yes No |
Was the student ever convicted of a drug felony? | Yes No |
The taxpayer is qualified for: | American opportunity credit: | |
- refundable part: | ||
Lifetime learning credit: |
Scholarships: | |||
★ Unrestricted grants and scholarships that can be used for other expenses: | |||
★ Other scholarships/fellowships: | |||
- Amount used for teaching, research, etc. (not including NHSCSP or AFHPSFAP): | |||
Was a W-2 issued for this income? |
Yes
No |
||
- Amount restricted (required to be spent on anything other than qualified education expenses): | |||
- Amount (up to ) that you wish to use for nonqualified expenses for possible larger tax benefit:
?
No need to enter anything here but you can manually change this amount to see how the funds are distributed
in the Expense Information tab. It is initially set to 0 to allow all funds to be used for qualified expenses.
The Optimizer tab changes this amount as it seeks the best amount to be taxable based on interactions with other tax benefits. You may limit the amount tested if you wish to do so in the next entry... |
|||
- - - Limit the taxable amount tested by the optimizer tab to: | |||
Amount available tax-free for education expenses: | |||
Supplemental Funding: | |||
★ Distributions from Coverdell Education Savings Accounts (ESA): | |||
★ Distributions from Qualified Tuition Plans (529 plans): | |||
★ Early distributions from IRAs (for education, with no early distribution penalty): | |||
★ Savings bonds used for tuition and required enrollment fees (with tax-free interest): | |||
Total supplemental funding | |||
Amount of funds to be allocated to education expenses: |
Check the box if the scholarship or other funds can be used to pay for the expenses: | ||||||
Expense category | Amount | American Opportunity | Lifetime Learning | |||
---|---|---|---|---|---|---|
Tuition: | ||||||
Student activity fees if required for enrollment: | ||||||
Required books which must be purchased from the institution: | ||||||
Required books purchased from a bookstore or second hand: | ||||||
Required supplies and equipment fees which must paid to the institution: | ||||||
Required supplies and equipment fees NOT paid to the institution: | ||||||
Room and board (may be limited by school or scholarship terms): | ||||||
Insurance or student health fees: | ||||||
Expenses for special needs services: | ||||||
✔ | All other expenditures (travel, entertainment, support for others, etc): | |||||
Total expenses not allowed for the credit: | ||||||
Nonqualified education expenses that are not taxable: | ||||||
Funds that can be used for nonqualified expenses: | ||||||
Amount from funds used: | ||||||
Total education expenses allowed for the credit: | ||||||
Amount from funds used:
(Use all funds
Maximize expenses)
?
Use all allocates all scholarship(s) available,
after any designated as taxable in the funding sources tab,
to qualified expenses before diverting allowed amounts to nonqualified expenses.
The optimizer uses this option as it cycles through taxable amounts.
Maximize expenses is a single test case that diverts allowed amounts to nonqualified expenses in an amount to bring qualified expenses up to that allowed by law before allocating the remainder to qualified expenses. Due to interactions with other tax benefits, this may not be the best solution but often is. |
||||||
Maximum qualified expenses allowed for the credit by tax law: | ||||||
Amount used for IRS qualified expenses but not allowed for credit: ? Although not allowed for a benefit, some items may still be an IRS qualifed expense that can be paid without being taxed. | 0 | 0 | ||||
Amount of education expenses for TP's tax return: | ||||||
Additional taxable scholarship income for the student: | ||||||
Tax return amount | American Opportunity | Lifetime Learning | ||
---|---|---|---|---|
TaxSlayer Federal Refund: | ||||
TaxSlayer State Refund: | ||||
Change in total refund amount: | ||||
Choose the green option, or choose none if the original amount is green. |
Benefit | AGI Range | Amount | ||
---|---|---|---|---|
American opportunity credit | 0 | - | 4,000 | |
- | decreases to 0 | |||
- | 0 | |||
Lifetime learning credit | 0 | - | 10,000 | |
- | decreases to 0 | |||
- | 0 | |||
Earned income tax credit | 0 | - | increases to | |
? | - | ? | ? | |
? | - | ? | decreases to 0 | |
? | - | 0 |
Tax return field | Form and line number |
Tax return amount |
American Opportunity |
Lifetime Learning |
---|---|---|---|---|
Calculated scholarship income | TS Schol & Grants | |||
Wages, Salary and Tips | 1040 line 7 | |||
Business Income | 1040 line 12 | |||
Self employed health insurance | 1040 line ?? | |||
Earned Income | 1040 lines 7+12 | |||
AGI | 1040 line 7 | |||
Unreimbursed medical expenses ( SP 65+) | Sched A line 1 | |||
Itemized deduction amount (used or not) | Sched A line 29 | |||
Qual Div & Cap Gn Wkt pg 1 line ?? | QD&CG Wkt line ?? | |||
Deduction amount | 1040 line 40 | |||
QBI deduction amount | 1040 line ?? | |||
Tax amount: | 1040 line 44 | |||
Form 8962 line 10A ( months) | 8962 line ?? | |||
Form 8962 line 10B | 8962 line ?? | |||
Form 8962 line 10F | 8962 line ?? | |||
Excess advance premium tax credit repayment | 1040 line ?? | |||
Nonrefundable credits: | ||||
Actual foreign tax paid | 1116 top | |||
Foreign tax credit | TS Foreign Tax Credit | |||
Allowed child and dependent care expenses | 2441 line 6 | |||
Credit for child and dependent care expenses | 1040 line ?? | |||
Education credits | 1040 line ?? | |||
Allowed retirement saving contribution | 8880 line 10 | |||
Retirement saving contribution credit | 1040 line ?? | |||
Child and other dependents Tax Credit | 1040 line ?? | |||
Total Nonrefundable Credits | 1040 line ?? | |||
Refundable credits: | ||||
Earned income credit (check "No" if not qualfied
?
)
Not qualified if any of the following:
|
No: 1040 line ?? | |||
Additional Child Tax Credit | 1040 line ?? | |||
Refundable Child and Dependent Care Credit | 1040 line ?? | |||
Refundable american opportunity credit | 1040 line ?? | |||
Net premium tax credit | 1040 line ?? | |||
Tax refund change on the taxpayer's return: | 0 | 0 |
Tax return field | Form and line number |
Tax return amount |
American Opportunity |
Lifetime Learning |
---|---|---|---|---|
Calculated scholarship income | TS Schol & Grants | |||
Wages, Salary and Tips | 1040 line 7 | |||
Business Income | 1040 line 12 | |||
Self employed health insurance | 1040 line ?? | |||
Earned Income (not Total Income) | 1040 lines 7+12 | |||
AGI | 1040 line 7 | |||
Itemized deduction amount (used or not) | Sched A line 29 | |||
Qual Div & Cap Gn Wkt pg 1 line ?? | QD&CG Wkt line ?? | |||
Deduction amount | 1040 line 40 | |||
QBI deduction amount | 1040 line ?? | |||
Tax amount: | 1040 line 44 | |||
Nonrefundable credits: | ||||
Total foreign tax paid | 1116 top | |||
Foreign tax credit | TS Foreign Tax Credit | |||
Total Nonrefundable Credits | 1040 line ?? | 0 | 0 | 0 |
Tax refund change on the student's return: | 0 | 0 |
Tax refund change on the taxpayer's return: | 0 | 0 | |||
Tax refund change on the student's return: | 0 | 0 | |||
Tax refund change due to the education option: | |||||
Pink options are poor choices. Choose the green option if there is one. | |||||
Additional taxable income for the student: | |||||
Qualified education expenses for TP's tax return: | |||||
Click the OPTIMIZE button to optimize using some scholarship funds as income for this tax return;
this adjusts the amount taxed in the Funding Sources tab. |
|
On taxpayer's return: | |
---|---|
- Most advantageous option: | |
- Other income > Other Compensation > Scholarships amount1: | |
- Education tuition amount: | |
- Education scholarship amount2: | |
- Education expense amount3: |
On student's return: | |
---|---|
- Other income > Other Compensation > Scholarships amount1: |