tuition tax line item

Am using QW05 and can't find a tax line assignment for you here either.

QW just seems to skip past it??

Not a tax expert but does your tuition situation possibly fit Form 2106 education expenses? There is a tax line assignment for that.

Lacking a solution from someone else on the board - you will have to enter it manually in TTax. Need some way to flag it in QW as tax deductible for future reference.

Dejah Thoris wrote:

default tax

thanks for checking. your reply prompted me to do a little more digging and i think i might have just found the answer.

in my case, this expense doesn't qualify for Form 2106 because it wasn't an employee expense. TTax puts it on Form 1040 Line 49 as a Lifetime Learning Credit by way of the "Education Tuition and Fees Worksheet" which i think flows to Form 8863. it turns out that Quicken 2004 *does* have an entry for Form 8863. while i haven't yet tried it out, that might be what i am looking for.

even if it is the right tax line item to assign, it seems less than ideal because Quicken has two entries for Form 8863, one for the Lifetime Learning Credit and one for the Hope Credit. this seems a bit lame because at the time you incur the expense you may not know which credit to pick. i don't know, maybe there's no other way to do it, or maybe TTax is smart enough to figure it out no matter which line item is assigned. i'll try playing around with it and see what happens.

Another thought - have you tried posting here:

didn't know about that group, i'll check it out. i just did some experiments and here's what works for me

the correct values appear then on Quicken tax reports

the correct values are imported to the "Education Tuition and Fees Worksheet" and later flow to the actual Form 8863 for the final calculation and transferrance to Form 1040 Line 49. (note that i did have to manually check the "Education expenses" option on the "Report Your Deductions" interview page.)

phew! that was fun!