Short version of my question:
I’m trying to do some planning with respect to upcoming out-of-pocket expenses for my incoming DS and next year’s income taxes. I am especially interested in expenses eligible for the American Opportunity Credit.
I am assuming USMMA issues form 1098-T to each student. Does anybody feel comfortable sharing (in forum or via PM) the amount listed in box 1 “Payments received for qualified tuition and related expenses”? If you care to share, it would also be helpful to know the class year of the receiving midshipman.
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Long version of my question:
IRS Publication 970 outlines the American Opportunity credit. This generally covers tuition and “certain related expenses required for enrollment or attendance.”
Publication 970 continues to define related expenses.
Based on numbers found in the 2023 Logging In, it appears that our out-of-pocket expense through this calendar year will be approximately $4400. (Excluding travel and miscellaneous expenses.)
I’m trying to do some planning with respect to upcoming out-of-pocket expenses for my incoming DS and next year’s income taxes. I am especially interested in expenses eligible for the American Opportunity Credit.
I am assuming USMMA issues form 1098-T to each student. Does anybody feel comfortable sharing (in forum or via PM) the amount listed in box 1 “Payments received for qualified tuition and related expenses”? If you care to share, it would also be helpful to know the class year of the receiving midshipman.
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Long version of my question:
IRS Publication 970 outlines the American Opportunity credit. This generally covers tuition and “certain related expenses required for enrollment or attendance.”
Publication 970 continues to define related expenses.
- Student activity fees are included only if payable directly to the institution as a condition of enrollment.
- Books, supplies, and equipment needed for course of study are included whether or not purchased from the institution.
Based on numbers found in the 2023 Logging In, it appears that our out-of-pocket expense through this calendar year will be approximately $4400. (Excluding travel and miscellaneous expenses.)
- Midshipman Fees ($1050)
- Educational Kit ($161 Deck or $116 Engine)
- Computer Package ($2190)
- Optional Accessory Package ($410)
- Plebe Kit – Personal Items ($628)