Terry D EA Posted April 1, 2015 Report Share Posted April 1, 2015 Just thought I would check with my friends here for a confirmation of the following example: Client receives form 1099Q with amounts in Box 1 totaling 10,000.00. Client paid 10,260.89 in college expenses for his son. So, $260.89 can be used for form 8863 or tuition and fees correct? Quote Link to comment Share on other sites More sharing options...
joanmcq Posted April 1, 2015 Report Share Posted April 1, 2015 Yes. Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted April 1, 2015 Report Share Posted April 1, 2015 You should read these examples first: http://www.irs.gov/publications/p970/ch08.html#en_US_2014_publink1000178534 I've never had this situation arise. Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted April 1, 2015 Author Report Share Posted April 1, 2015 The examples given are not the same as my client. 10,000.00 was taken from a Coverdell savings account. No scholarships and the amount paid for the qualified expenses exceed the distribution so I don't see that any of the examples applies here. Thanks for alerting me to this. 3 Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted April 1, 2015 Report Share Posted April 1, 2015 Just thought I would check with my friends here for a confirmation of the following example: Client receives form 1099Q with amounts in Box 1 totaling 10,000.00. Client paid 10,260.89 in college expenses for his son. So, $260.89 can be used for form 8863 or tuition and fees correct? Yes. Agree with Joan. If it is the first 4 years of an initial Bachelors Degree, use AOC. Quote Link to comment Share on other sites More sharing options...
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