college tax credits

[Anonymous]

I know there are 2 tax breaks for tuition and have heard you have to use some non-529 funds to be able to take advantage of them. Does anyone have a recommendation for an accountant in Maryland who's well-versed in these and in financial aid planning?
Thanks!

[Anonymous]

If your income is high enough to be hiring an accountant, you almost certainly do not quaiify for these credits.

[Anonymous]

Right to the source:

https://www.eitc.irs.gov/other-refundable-credits-toolkit/compare-education-credits/compare-education-credits

AOTC and LLC.

AGI must be under $180K to be eligible for AOTC (under $138K for LLC).

[Anonymous]

If your income is high enough to be hiring an accountant, you almost certainly do not quaiify for these credits.

OP here... Thanks! I usually use TurboTax but I think for this first year of college, it'd be worth paying a couple hundred bucks more to make sure I don't miss something. Anyone have recs for a knowledgeable (but not outlandishly pricey) accountant?
Income is less than $165k.

[Anonymous]

Anonymous wrote:

If your income is high enough to be hiring an accountant, you almost certainly do not quaiify for these credits.

OP here... Thanks! I usually use TurboTax but I think for this first year of college, it'd be worth paying a couple hundred bucks more to make sure I don't miss something. Anyone have recs for a knowledgeable (but not outlandishly pricey) accountant?
Income is less than $165k.

TurboTax is very clear about these credits.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

If your income is high enough to be hiring an accountant, you almost certainly do not quaiify for these credits.

OP here... Thanks! I usually use TurboTax but I think for this first year of college, it'd be worth paying a couple hundred bucks more to make sure I don't miss something. Anyone have recs for a knowledgeable (but not outlandishly pricey) accountant?
Income is less than $165k.

TurboTax is very clear about these credits.

+1 I am a tax preparer and TT has great software. You won’t miss anything. The education credits are very straightforward.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

If your income is high enough to be hiring an accountant, you almost certainly do not quaiify for these credits.

OP here... Thanks! I usually use TurboTax but I think for this first year of college, it'd be worth paying a couple hundred bucks more to make sure I don't miss something. Anyone have recs for a knowledgeable (but not outlandishly pricey) accountant?
Income is less than $165k.

TurboTax is very clear about these credits.

+1 I am a tax preparer and TT has great software. You won’t miss anything. The education credits are very straightforward.

I’m 23:27. In the DC area, I think it would be hard to find someone who only charges $200 for a 1040. You would likely be looking at an H&R Block type situation. In that case, you should just stick with TT bc there won’t be any incremental benefit to you.

[Anonymous]

Anonymous wrote:

If your income is high enough to be hiring an accountant, you almost certainly do not quaiify for these credits.

OP here... Thanks! I usually use TurboTax but I think for this first year of college, it'd be worth paying a couple hundred bucks more to make sure I don't miss something. Anyone have recs for a knowledgeable (but not outlandishly pricey) accountant?
Income is less than $165k.

There really isn’t that much. Read IRS pub 970

[Anonymous]

Is TaxAct as straightforward as TT?

[Anonymous]

Anonymous wrote:Is TaxAct as straightforward as TT?

No. TT is very hands-on and leads you through the process. I feel like you have to already know more about your entitlements/options with Tax Act.