Anonymous
Post 12/03/2021 01:18     Subject: college tax credits
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.
Anonymous
Post 12/03/2021 00:02     Subject: college tax credits
Is TaxAct as straightforward as TT?
Anonymous
Post 12/02/2021 23:54     Subject: Re:college tax credits
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
Post 12/02/2021 23:30     Subject: Re:college tax credits
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
Post 12/02/2021 23:27     Subject: Re:college tax credits
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
Post 12/02/2021 22:30     Subject: Re:college tax credits
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
Post 12/02/2021 15:18     Subject: Re:college tax credits
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
Post 12/02/2021 10:56     Subject: Re:college tax credits
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
Post 12/02/2021 10:31     Subject: college tax credits
If your income is high enough to be hiring an accountant, you almost certainly do not quaiify for these credits.
Anonymous
Post 12/02/2021 08:51     Subject: college tax credits
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!