Education Expense Confusion

Apr 15, 2006 4 Replies
M

I go brain-dead trying to read and understand the education deduction literature. Here's my situation: My son is 18 and attends college in another city



His tuition and a portion of his books are paid for with a state scholarship. We took out a student loan to pay for room and board and other living expenses. I received a 1098-E showing student loan interest of $180.00 on a loan of $4,500. I'm assuming the only issue here is where to report the $180.00 on my 1040. Am I thinking correctly and is this $180 a so called qualified expense?




>
>
>
>
>
>
>
Vote
Twitter Facebook LinkedIn
B

snipped-for-privacy@hotmail.com (MDinDestin) asked:

You are correct, and the $180 should be entered on Form

1040, line 33. This issue is covered explicitly in the 1040 instructions on Page 33, and there's a worksheet provided to verify you're entitled to the full amount, based on your total income. Note that line 33 is an "adjustment to income."

Bill

Vote
Twitter Facebook LinkedIn
P

See Chapter 4 of Publication 970 and line 33 of the 1040.

-- Phil Marti Clarksburg, MD

Vote
Twitter Facebook LinkedIn
M

Your assumptions are correct. Goes on page one of form 1040 under adjustments to income. Missy Doyle

Vote
Twitter Facebook LinkedIn
M

Thanks to all of you. I was hung up on trying to figure out if the expense was a so called "qualified" expense. Now I realize it is.

Vote
Twitter Facebook LinkedIn

Join the Discussion

Have something to add? Share your thoughts — no account required.

Didn't find your answer?

Ask the community — no account required