I am having problem using the optimizer and I couldn’t figure out what to do. I know there is no more practice lab. I am wondering if you could help. I am doing the Vincent problem (#3 – Larry is 17 and income $12000) and trying to use the optimizer to make sure that I know what to do. I entered the following:
Taxpayer info: HOH, 1 dependent for EIC, 0 dependent for CTC.
Funding source: 5500 for unrestricted grant. Do I need to fill in “Amount (up to 5500) that you wish to make taxable for possible larger tax benefit” or should I leave it at 0?
Expense: I listed $2800 for tuition, $200 for books, $500 for computer and $2000 for living expense (so it adds up to 5500)
Optimizer: I am not sure if I am supposed to fill in all the numbers from 1040 that I did. I use the numbers for maximizing taxable scholarship (i.e. all $5500 assigned to living expenses) and I have filled in the education credit and refundable AOC amount based on what is shown on the 1040. I hit optimize and nothing happened.
Can you tell me what I did incorrectly? I have a printout from the calculator but don’t know how to attach it to this message. So if what I put down here does not make sense and you would like to see the printout, please email back your email address.
Thank you for all your help.