mrosenb515
Level 1
03-19-2020
03:28 PM
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Thank you for your response. If I have $20,000 of qualifying higher education expenses and withdraw $16,000 from the Coverdell, I can take the $4,000 AOTC, as long as the AOTC is reimbursing me for tuition and books and my joint income is under $160,000. Room and board qualify as higher education expenses for withdrawing from the Coverdell, but not for AOTC.
The Coverdell accounts are under my kids' SS numbers. I list their Coverdell withdrawals on their returns. I want to take the AOTC on my return. Questions: Do I put anything on their returns saying that I am taking the AOTC on my return, other than listing them as dependents? And on what lines in Lacerte for my return do I claim the $2,500? (I get 100% credit for the first $2,000 of qualifying expenses and 25% of the second $2,000)
Thanks again.
