Learning Library Quick Answers Tax Planning

Does the parent receive the American Opportunity or Lifetime Learning credit if the student pays the bill?


Scenario: If we claim our student on our tax return, but the student pays the student loan bill,who willreceive the American Oppor....

How are education tax deductions related to a child distributed to divorced parents?


Scenario: A client is going through divorce and is filing jointly. The client has custody.How do you prorate the tuition and fees ....

How are minor trusts handled for financial aid purposes?


Answer: Minor trusts are considered assets of the student.....

How are non-qualified and qualified annuities taxed when you begin liquidating them?


Answer: Distribution from qualified annuities are fully taxable if the contributions made by the annuitant were tax-deductible or ....

How are scholarships for non-qualified expenses treated in regards to education tax credits?


Scenario: Client has $14,500 of qualifying educational expenses andreceived an academic grant on his 1098-T for $7,500. He also re....