Q. . Can I claim the monies paid in 2023 for 2024 expenses in my 2024 tax return?
A. No.
What you are allowed to do is claim the monies paid in 2023 for 2024 expenses on your 2023 tax return. But you can't claim a tuition credit, if you are a dependent. Your parents claim that. You can claim the expenses against a 2023 1099-Q in your name (but not on a 2024 1099-Q).
"I received a 1099-Q for 2024 with my father's (owner, not custodian) name and my SSN. "
The name that matters is the one in the "RECIPIENT’S name" box.
All of this may be academic.
You can just not report the 1099-Q, at all, if your 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. You would still have to do the math to see if there were enough expenses left over for you to claim the tuition credit. You also cannot count expenses that were paid by tax free scholarships.
References:
- On form 1099-Q, instructions to the recipient reads: "Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return. You must determine the taxability of any distribution."
- IRS Pub 970 states: “Generally, distributions are tax free if they aren't more than the beneficiary's AQEE for the year. Don't report tax-free distributions (including qualifying rollovers) on your tax return”.
