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Federal taxes - 1099 T

Royce DMRoyce DM Posts: 143Registered User Junior Member
Our tax professional is telling us that because the school does not send us a 1099T that we can not claim the fees we paid for our mids to attend the USMMA.

What do the other parents on here do?

Previous years I have used Turbo Tax and entered the data, but now he has me thinking maybe I messed up in the past. :dunno:
Post edited by Royce DM on

Replies to: Federal taxes - 1099 T

  • CPASteve_98CPASteve_98 Posts: 125Registered User Junior Member
    Only Tuition and Fees issued on 1099-T are used for Tuition Tax Credits.

    Government pays for all Tuition and Fees at Kings Point.

    Fees you are paying for are haircuts, tayloring, computer support and such and are not used on the Tax Return.
  • SUPPORTMOMSUPPORTMOM Posts: 268Registered User Junior Member
    Remember there are max. income levels for access to the deduction anyway.

    Since the haircuts, tayloring, computer support are a requirement for the school are they allowed?
  • kp parentkp parent Posts: 15Registered User New Member
    can the lap top itself be written off?
  • CPASteve_98CPASteve_98 Posts: 125Registered User Junior Member
    They are not used for a credit.

    They are not used for a AGI reduction

    They qualify as payments from a Qualified Saving Plan. Also they would qualify as items that could be paid with the proceeds from cashing certain US Bonds and perhaps not having to pay taxes on the interest earned on those bonds.
  • nmlcfpnmlcfp Posts: 234Registered User Junior Member
    I'm assuming there is no issue with taking money out of our 529 plan to pay the KP bill?
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