How to enter college housing expenses to offset 1099-Q amount (from 529) not covered by 1098-T (tuition)?
No education credits, scholarships, etc. Just need to get the housing costs entered so that I do not get taxed on the 529 distribution amount of the 1099-Q which exceeds the tuition amount of the 1098-T.
This was straightforward in previous version of TT, but I do not see how to do it in TT2019.
Thanks.
When you go back into the Expenses and Scholarships (Form 1098-T) under the Deductions & Credits:
To get the screen to enter Room & Board, answer yes when asked if you have book expenses.
My question was similar to this, but trying to determine if I "need" to enter school information somewhere. Here's my situation (I am the parent with a college student). I am claiming my student as a dependent and putting the 1098-T expenses on my tax return. Long story short, I'm getting the $2,500 AOTC. However, I also withdrew money from student's Coverdell (and thus got a 1099-Q in their name). I am putting this on their tax return. I too want to put in just the room and board. However, unless I bypass the steps and go straight to the form, it seems to force me to enter school information from the 1098-T (which I don't want to do). Do I have to list a college (name, address, tax ID) or can I just enter the room and board expenses (to offset the Coverdell distribution).
You can skip the 1098-T.
Enter the 1099-Q
Start the education section and say No to having a 1098-T
Click "Yes" to "Did You Pay for Books or Materials to attend school?" and enter the room and board.
Room and board (R&B) are not qualified expenses for a deduction or credit. R&B are qualified expenses for a 529/ESA/QTP plan distribution. To get the R&B expenses screen, you must first tell TurboTax (TT) that you took a plan distribution (usually that you received a 1099-Q). Even then, you must answer yes to the book expenses question. R&B is on the same screen as books.
I am trying to put them as an expense for the 529 distribution. I have gotten to that book expense question, but it is not showing the R&B part. That is my issue.
Try deleting both the 1099-Q and the 1098-T. When you re-enter, enter the 1099-Q first.