How to enter the room and board refund received for spring 2020 due to covid?

[dwgilbert01]

I received a refund of room and board from the 2020 spring semester and redeposited back into my 529 plan within 60 days.  When entering into TT, do I reduce the amount of qualified education expenses by this amount.  If I do, it won't match the gross distribution amount on the 1099Q ?

[KrisD15 · Accepted solution]

You will report that you redeposited the funds when you enter the 1099-Q. The TurboTax program will ask you. 

You will enter the 1098-T as the school reported it. Box 1 is tuition and fees, so the 1098-T should not have the amount for room and board on it. 

You shouldn't need to make any adjustments. 

You should report the true amount paid for room and board, so that would be the lower amount, the amount AFTER the refund. 

It won't match the distribution form the 1099-Q, but you'll report the difference and redeposited, so it should be all good. 

IRS Pub