<p>I agree with momofboston, but understand the lure of an excellent boarding school too. For my D, home and parental support/interaction would have been too important to forego.</p>
<p>Good catch cgpm. I did not notice that Pub 970 had not yet been updated. Shame, shame IRS. It appears from lookng at Form 8863 that the $160K limit has been increased to $180K (Part III, L8). I found another site that has more education info, but it is a year out of date too ([Tax</a> Benefits for Education: Information Center](<a href=“http://www.irs.gov/newsroom/article/0,,id=213044,00.html]Tax”>http://www.irs.gov/newsroom/article/0,,id=213044,00.html)). If I find anything that has been updated I’ll let you know.</p>
<p>FLmathmom</p>
<p>That is why I was asking the question because the IRS has only the 2010 information available. I think the 180k is old too because the phase out is from 160k to 180k and there is a simple formula. I thought we got the full credit upto 180k but not according to the IRS.</p>
<p>momof3 - According to the Form 1040 instructions if L38 (AGI) >$180K you cannot take the Amer Opp Credit. I put three sets of #s in Form 8863 for AGI (L9) - $180K, $170K, $160K and got the following credits $0, $500, $1000 assuming L7 was $2500.</p>
<p>Great news, proudmom. I had a feeling was panicking too soon. I hope the interview goes well.</p>
<p>Arisamp: I’m sorry that your D is feeling blue. My sister and I were just commenting on how we always get those calls from our college kids this time of year. The weather is cold and gray, the work starts to build, and it’s often the time for housing drama. It sounds like your D has extra stress from her sport. Hugs to her. Congrats to your son, but I’m with you on wanting to keep them home until college.</p>
<p>I used to actually enjoy doing taxes – using TurboTax or its predecessor – and figuring out (usually in advance) the clever things I could do to reduce taxes. But, my financial life has gotten way too complicated. Unfortunately not with Mitt Romney’s income. But, lots of pages of tax return. Alas, now I have several returns done by pros.</p>
<p>One thing I discovered is that if your child is not a dependent and legitimately provides half their support (some of which could be tuition from a 529 plan, I think), they can take the American Opportunity tax credit even if you cannot. If you have your own business and can legitimately employ your kids, they can take the income at a lower tax rate and then get the tax credit. Lots of hoops to jump through to make it work, but it could be worth it if the tax credit is not available to you.</p>
<p>congrats and good luck to your D proudmom!</p>
<p>Arisamp- sorry to hear about your D. I have heard from a few college athletes that college sports is nothing like what HS was, much more intense. Congrats on the school acceptances for your S! In our neck of the woods they don’t come out til March 10, same date every year. My 11yo D is all set for school til college, but if she was in a lessor private school and asked about boarding school I would consider it. I think for some kids it is a great option. </p>
<p>momof3 - we are going to fill out fafsa even though we don’t qualify for aid, just so S can get a loan in the fall if he needs to. Right now he shouldn’t have to, but if he loses his scholarship because of his grades, he may need a loan. He may need new parents also, any takers??? LOL</p>
<p>Hi all,</p>
<p>Idinct- I always herd it as a “Come to Jesus” Moment!
On Taxes, My Husband uses Turbo Tax and loves it, but hasn’t done them or the FAFSA nor the CSS. Actually waiting for our Change of Address to go through on My IRA which I forgot to send change of Address paperwork for and now I have to jump through hoops and recite the pledge of allegiance while standing on my head to do so!
Pepper, hubby has always done so and I don’t feel guilty at all!!!</p>
<p>ProudMomof 2 Keeping my fingers crossed for your D and her Grad school interview!!! Hope its a YES! My graduating D has an interview for a job she really wants next year so we will see!</p>
<p>Arisamp, I am with Bostonmom on the Boarding school thing, as prestigious and tempting as a full scholarship for me I feel like we only have them for 18 years to shape to them into the responsible, repectful, happy and healthy adults we hope they become and I feel like I would rather have that control than a bunch of their peers and teachers whose input although having value is not as important as mine and my husbands. Besides I would miss him too much being thousands of miles away. My D was offered full scholarship to One World College for 11th and 12th and as badly as she wanted to go I said no! Do I think its selfish no, I take it as my responsibility! However if he does get to go I will cheer you on!!</p>
<p>And finally what a difference a day makes. D went to a function last night with one of her fraternity guy friends (not a boyfriend), ran into a bunch of the girls from sorority that rejected her. The girls pulled her aside and told her that they were so sorry about what had happened andthat they all liked her and that they had put her as high as they could (legacys special favors, sisters, etc) but that once the list went to computer panel there was nothing they could do. They told D that she should not have put other sorority on her list as they think that is what happened. D said she didn’t know that was an option to not list both so put both on there. Anyway, a few of the girls asked to go to lunch later in the week cause they said they really want to be friends so they are all meeting later. So I guess the computer system can work and sometimes can work against you! But D is all smiles feels much better and isn’t coming home!</p>
<p>The life of a parent, no wonder we get grey in our “old Age!”</p>
<p>EAO1227 - A similar thing happened to D1 with her recruitment. It was the first year that her school did the computer selection process. You would think that the final decision would be based on human intervention, and not solely on the computer matching.</p>
<p>I am glad she is feeling better. It is amazing how much better one can feel the next day.</p>
<p>Late evening rescue from page 2. :)</p>
<p>Wow, its 6:45 in the morning and no one has posted, I think you all overslept! WAKE UP!</p>
<p>Glad its Friday, coffee’s on, no muffins as many of us are watching those calories! Enjoy the day!</p>
<p>EAO – good insight about the computer selection process. Glad to hear your D is still friends with those girls and they reached out to her. </p>
<p>The more I hear about this, the more I think the sorority thing is more complicated than getting into college! And there’s no financial aid!</p>
<p>Ugh long day yesterday. Had several discussions with S, but all he kept saying was that he was sorry,
I’m not sure that’s enough to change the situation around.
I broke the news to H when he got back and that was another round of talks. He wants to fly down to campus this weekend, but I’m not sure what that will accomplish.
I keep explaining that there aren’t any other choices, either he makes this work or it’s coming home and working and going to school part time.
Knowing that I made the exact same choices and mistakes in college is breaking my heart. (I finally finished on my own dime & time doubling my gpa with 2 preschoolers & working)</p>
<p>Classof2015, computer selection process was thanks to Rodney, I had no idea how they selected sororities but ended up googling D’s University and whats going on with sororities there and that is where I got the insight.</p>
<p>Idinct- So sorry, I know how stressful this is (I have a son home for the year!). Can he really be doing that badly this early in the semester? Maybe he should drop the one class and concentrate on really doing well in the 12 credit hours he has (or am I missing the whole story). If I can offer any advice it would be to have your son reach out to the Professors, TA’s or a House Masters or RA, seek help, join a study group etc. Make sure he takes advantage of any resources that the college has. My son did none of these and he realized too late that he should have. Sending hugs your way!</p>
<p>Thanks for the coffee EAO. Yes, I did sleep in today! 
So glad to hear your DD was able to have such an affirming conversation with the sorority sisters and they have reached out to be friends. Did she decide not to pledge at all. If not, and if what the sisters are saying is true, does her school do informal rush in the fall where she might be asked back? Just a thought. It’s been a LONG time since I went through the process and a lot has changed. In any event, I’m glad she’s feeling a bit better.</p>
<p>ldinct - I know what you are going through and it is so very hard. EAO gives good advise (to seek out all the help possible). I also don’t know that a flight down is going to make a difference. You can probably accomplish the same with a skype meeting with the three of you. I’m sure your son is getting the gravity of how you feel. It really is on his shoulders now. Sending hugs. Having been there, it is very hard, I know.</p>
<p>EAO: I’m glad that your D is feeling better about things. I had a feeling that she was a victim of the computer system. BI’s suggestion of trying informal rush in the fall is a good idea if that’s an option. That worked out for some of D1’s friends.</p>
<p>ldinct: I hope that it’s not too late for your S to salvage this semester. A skype meeting sounds like a good idea. I’m sorry that your’re going through this.</p>
<p>ldinct - I actually think H going there to talk to him may have a lot of impact. It will be hard for your S to ignore if her is face-to-face, eye-to-eye with H. Sometimes, out of sight, out mind is easier but face to face is a lot harder. Skype may help but it will be a short meeting and then everyone will move on. But going there and being in his face is another story. It is kind of the last ditch effort on your part…I am sorry that you are going through this and I am sending lots of cyberhugs…</p>
<p>Idinct - my reactions would be similar to yours; not sure that a trip to campus would help but I do think that the skype suggestion is a good one. I know this must be very hard for you (I, too, had to pay the price for some bad decision-making during college) but you’re right - you really can’t do this for him; you can only give hard-earned advice.</p>
<p>EAO - I’m so glad to hear your D’s feeling a bit better. Something very similar happened to older D when she went through recruitment. She did pledge with her #2 choice and then later heard that her #1 ranked her very high on their list. I think she will always somewhat regret what happened but many opportunities came to her thru her sorority. The most important thing is that your D is dealing with things in a mature way and planning for the future. And good luck to your older D with her job application!</p>
<p>My new update on older D is that she has now been invited to interview days by 3 of the 4 grad schools she applied to and the 4th hasn’t sent their decisions out. What a difference 48 hours makes!</p>
<p>I do the taxes here and do use Turbo Tax. It’s pretty ironic considering I’m in sales and DH is an accountant but he either completes or oversees returns for 28 companies at work and just does not want to even TALK about taxes at home. Thankfully, ours are fairly uncomplicated.</p>
<p>Arisamp - sorry to hear that your DD is having a hard time. I know that athletes at the collegiate level already have a lot of addiitonal stress and this sounds like even more than that. Hugs to her and to you!</p>
<p>Idinct, Sorry that your son has gotten himself in such a pickle. If you or your husband can swing a trip to the college town, I do think that might have more of an impact, but if not skype is a very good alternative.</p>
<p>A little comic relief from serious talk…</p>
<p>My son called me up last night around 8:30. “Mom”, he starts, “Did we pack a suit coat for me to bring here?” I scramble up to his room and look in his closet. I see a couple of jackets, but they could be ones his older brother outgrew and we threw them in there. “I don’t know. I know we thought of it”, I say, “Do you see any in your closet there??” “No” he says, “but I think I need one”. I ask when and he says… “Now. There’s a dance that starts in a few minutes.” I close the closet door and tell him that I can’t help him but maybe next time he could look for that stuff just a little sooner. boys!</p>
<p>kathiep – too funny! I bet you wished you could email it to him!</p>