Currently, my itemized deductions are $2,000 less than the standard deduction.
Box 1 on my son's 1098-T is $15,000 and Box 5 is $7,500.
If I enter my son's 1098-T and $500 in Other Educational Expenses, will my itemized deductions be greater than the standard deduction?
Thanks!
Q
Educational expenses are not a deduction, at all (not itemized, not an adjustment to income). Instead, your (or your dependent's) educational expenses qualify you for a tax credit, a deduction from your calculated tax (not a deduction from your income before your tax is calculated).
Your $8000 of net qualified expenses will get you the maximum AOC or 80% of the maximum LLC.
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