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Accounting & Bookkeeping & Small Business Forum
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pistolmcaction
Joined: 16 Aug 2007
Posts: 27
Location: New Jersey
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| Posted: Fri Mar 28, 2008 1:47 pm Post subject: Form 1099-Q |
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I have a client who received a distribution for a Qualified Tuition Program with the funds used to pay for qualified higher education expenses.
My question is: Is the amount of the distribution received eligible for either of the Education credits (Hope or Lifetime Learning)? I have been receiving conflicting answers from various colleagues, so I'm not exactly sure of the correct way to handle this is?
Any help is appreciated. |
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stasia2003
Joined: 25 Feb 2008
Posts: 199
Location: FL
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| Posted: Fri Mar 28, 2008 1:54 pm Post subject: Re: Form 1099-Q |
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pistolmcaction wrote: I have a client who received a distribution for a Qualified Tuition Program with the funds used to pay for qualified higher education expenses.
My question is: Is the amount of the distribution received eligible for either of the Education credits (Hope or Lifetime Learning)? I have been receiving conflicting answers from various colleagues, so I'm not exactly sure of the correct way to handle this is?
Any help is appreciated.
I claimed this Hope and Lifetime Learning credits the whole time I was in college.
Since it is very detailed in nature, go to the IRS. When it comes to tax laws, don't listen to people who are not tax professionals or lawyers. You will get several different answers. Trust the IRS... :lol:
Go here: http://www.irs.gov/publications/p970/ch02.html |
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Richard Noot
Joined: 20 Aug 2005
Posts: 896
Location: Minnesota
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| Posted: Fri Mar 28, 2008 9:30 pm Post subject: Re: Form 1099-Q |
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pistolmcaction wrote: I have a client who received a distribution for a Qualified Tuition Program with the funds used to pay for qualified higher education expenses.
My question is: Is the amount of the distribution received eligible for either of the Education credits (Hope or Lifetime Learning)? I have been receiving conflicting answers from various colleagues, so I'm not exactly sure of the correct way to handle this is?
Any help is appreciated. No you can NOT |
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