Education calculator

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  • #835
    Andreana Siu

    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.

    Andreana Siu

    No response needed. I have finally figured out where my problem is. Sorry to bother you.

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