Or if you find it easier, just change the numbers in boxes 1& 5 to what your records show. The 1098-T that you enter in TT is not sent to the IRS. You will have to Form 1040-NR because you are still a nonresident alien for 2021. TurboTax does not support Form 1040NR for a nonresident.
Graduate Student Stipend
You can prepare your return through a company we partner with called Sprintax. After graduating in 2021, I began working on OPT in July that year but since I was picked in the h1b lottery, I became an H1B worker on October 1st, 2021. The five calendar months do not have to be consecutive”(IRS). Security Certification of the TurboTax Online application has been performed by C-Level Security.
My daughter attended 2020 spring and then graduated. Is that a full time student?
- This generated a 1099 from my brokerage firm, which I uploaded to TurboTax.
- But, that’s just academic, as you’re probably covered anyway.
- Your days counting towards the Substantial Presence Test started on Oct 1st, 2021, when you got the H1B visa.
- If you actually paid the 2025 tuition, in 2024, that would count.
A. You claim the room and board and book expenses against the 1099-Q. So do I enter the 1098T and then just list the box 5 amount to answer the question about amount already included in W2 income. Generally, F-1 visa holders are not considered residents until their 6th calendar year in the United States. Therefore, from 2017 until Sep 2021 you were exempt from the Substantial Presence Test because of the F-1 visa. Your days counting towards the Substantial Presence Test started on Oct 1st, 2021, when you got the H1B visa.
However, basic training and advanced individual training, are considered temporary absences from your parents home, for the dependent test. But, I don’t think a 13 month technical course would meet that criteria. So, for example (and it’s a common example), you graduate from high school in May and leave home to join the army.
The founder of Intuit will speak at Harvard Business School Class Day.
As others have said, you can just not report the 1099-Q, at all, if your student-beneficiary has sufficient educational expenses, including room & board (even if he lives at home) to cover the distribution. When the box 1 amount on form 1099-Q is fully covered by expenses, TurboTax will enter nothing about the 1099-Q on the actual tax forms. But, it will prepare a 1099-Q worksheet for your records (you don’t need it). You claim the tuition credit, or report scholarship income, based on your own financial records, not the 1098-T.
Can someone help clarify where I’m supposed to put info for the Grad Retention Program?
To receive guidance from our tax experts and community. You must meet all three of the basic requirements to claim an education credit (American Opportunity Tax Credit and Lifetime Learning Credit). You’ll need to sign in or create an account to connect with an expert. I’m a college student graduating this spring, and my gross income was 30k from an internship during FY22. This generated a 1099 from my brokerage firm, which I uploaded to TurboTax. Apparently, adding these stock losses makes my return “complex” and TT now wants to charge me $150 for an upgraded version of their software.
- You can prepare your return through a company we partner with called Sprintax.
- Therefore, you didn’t meet the Substantial Presence Test for 2021 and you will have to file a nonresident return (Form 1040-NR) for 2021.
- As others have said, you can just not report the 1099-Q, at all, if your student-beneficiary has sufficient educational expenses, including room & board (even if he lives at home) to cover the distribution.
- Also, for those who may be wondering, “AIT” stands for Advanced Individual Training.
- However receipt of a 1098-T frequently means you are either eligible for a tuition credit or possibly your student has taxable scholarship income.
In the 1098-T screen, click on the link “What if this is not what I paid the school” underneath box 1. You will then be able to enter the actual amounts paid. You will also reach a screen that allows you to adjust the scholarship amount for “amounts not awarded for 2024 expenses”. The numbers on it are not required to be entered onto your tax return. However receipt of a 1098-T frequently means you are either eligible for a tuition credit or possibly your student has taxable scholarship income.
So, for the extreme example, being a FT student Jan 31 to May 1 would qualify. She is using all the tuition to claim the lifetime Learning Credit (LLC) and keeping her scholarship tax free. None of your 529 distribution will be allocated to tuition. Room and board also count, even if the student lives at home.
If you are asking this for an education credit, In order to claim the credit, your school must be listed as an eligible institution with the Department of Education. If it is listed, then assuming you meet the rest of graduating from turbotax the criteria then you can take it. If it is not listed, then you cannot take the Lifetime Learning Credit. To be a qualified distribution, the money must be withdrawn in the same year that expenses were paid.
Therefore, you didn’t meet the Substantial Presence Test for 2021 and you will have to file a nonresident return (Form 1040-NR) for 2021. But, that 5 month requirement is mostly important only if your parents want to claim you as a “Qualifying Child” dependent for 2021 (see rules below) . As others have said, to claim a tuition tax break, you only needed to be half time, or more, for one academic period (of no specific length). If you are a non-dependent student, enter the 1098-T into your TurboTax program and follow the interview for a credit.
FICA (Social Security and Medicare) taxes do not apply to service performed by students employed by a school, college or university where the student is pursuing a course of study. Your W-2 from the college would show your wages in Box 1, and would have zero in Box 3. Military tech school does not qualify one as a student, since the military member is paid a wage to attend said school, and has absolutely no qualified out of pocket expenses incurred for said school.
