You'll need to sign in or create an account to connect with an expert.
Yes, if the 1099-Q is in your name and SS#. But, you can only report the college expenses for purposes of the 529 plan earnings exclusion. You may not claim a tuition credit.
Alternatively; you can just not report the 1099-Q,
at all, if the student-beneficiary has sufficient educational expenses,
including room & board (even if he lives at home) to cover the
distribution. When the box 1 amount on form
1099-Q is fully covered by expenses, TurboTax will enter nothing about the
1099-Q on the actual tax forms. But, it will prepare a 1099-Q worksheet for your
records, in case of an IRS inquiry.
Yes, if the 1099-Q is in your name and SS#. But, you can only report the college expenses for purposes of the 529 plan earnings exclusion. You may not claim a tuition credit.
Alternatively; you can just not report the 1099-Q,
at all, if the student-beneficiary has sufficient educational expenses,
including room & board (even if he lives at home) to cover the
distribution. When the box 1 amount on form
1099-Q is fully covered by expenses, TurboTax will enter nothing about the
1099-Q on the actual tax forms. But, it will prepare a 1099-Q worksheet for your
records, in case of an IRS inquiry.
If the qualified education expenses were at least the amount of the distribution, and were for the benefit of the named beneficiary, there is no requirement to report the 1099-Q. If you do choose to report the 1099-Q, and if there expenses, as stated, were at least the distribution and for the beneficiary, there is no tax liability.
See attached PDF for reporting process
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Allynh
New Member
biggxj
Level 1
grosiles
Level 1
Linhall
New Member
dthrower15
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.