- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I was reimbursed for my children's college expenses by a 529 plan. Turbo Tax is treating that 1099Q as taxable income to me. What should I do?
Topics:
posted
June 4, 2019
4:29 PM
last updated
June 04, 2019
4:29 PM
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I was reimbursed for my children's college expenses by a 529 plan. Turbo Tax is treating that 1099Q as taxable income to me. What should I do?
Once you enter expenses, the taxable income will be removed. You enter the education expenses in the 1098-T section which is right above the 1099-Q entry spot. Or, if no 1098-T received, click through those screens until you get to the expenses part. After you enter your 1098-T, we'll ask about other expenses (books, supplies, equipment) and financial aid.
Or, if your Distribution did not exceed your Qualified Education Expenses then you don't have to enter the information from 1099-Q at all. See Jaime's answer below regarding 1099-Qs reflecting taxable income. If this is your situation, you can delete the 1099-Q. https://ttlc.intuit.com/replies/5976479
June 4, 2019
4:29 PM
262
Still have questions?
Make a post