My son is 25 and filing his own taxes. He used his 1098T to gain a Lifelong Learner Credit. This resulted in excess distributions for my Mom, who is listed as the recipient on the 529 account. When I enter his expenses on my Mom's return in Turbo Tax, it is calculating a Life Long Learning credit for her! Where can I enter the taxable amount of excess distributions w/o appearing to be her expenses?
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She can only enter the 1099-Q. It's best to have the student make the distribution, or have the funds transferred directly to the school. That way the 1099-Q will be issued to the student.
In the TurboTax program, she will click Federal, Deductions & Credits, Scroll down to "Education", Click Show More.
Click Start next to "ESA and 529 qualified tuition programs (Form 1099-Q)"
Walk through the interview carefully, selecting the student as someone else. You will be prompted to click Done once the 1099-Q is entered, but the interview will continue.
You will enter the student's expenses and tax-free assistance the student is using. The last entry is "Other Adjustments" and you will need to enter the amount being used for the credit.
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