@Hal_Al
You seem to be the most knowledgeable on these sorts of questions. I am hoping you can help me too. I have followed a few threads, and we figured out my parents' return so that they can receive the AOTC. But now we're trying to figure out mine. It looked like a separate thread would be appreciated.
I am a full-time student, dependent of my parents.
1098-T
Box 1 $9688.75
Box 5 $3400
Additional outside scholarship not on the 1098-T $500
1099-Q
Box1 $7116.75
Box2 empty
My (the student's) name and SSN are on the 1099-Q
The school has a requirement to live on campus and buy a meal plan, so they included those costs in 1099-Q box 1.
Other expenses:
Books/supplies $447.06
Computer: $1027.69
Total: $1376.52
There were two disbursements from my ESA. One in summer to cover fall semester. One in December to cover winter semester. However the check for the Dec. disbursement arrived in Jan., so too late to pay the college in December. It was looking like the discrepancy between costs paid in 2020 vs. the amount disbursed in 2020 might incur taxes and penalties. So the amount of the 2nd disbursement was re-invested within 60 days into the same account by way of an indirect rollover. (What American Funds said to do, and there was an accompanying form they allowed my dad to fill out since I was already back at college as we sorted this out.)
On another thread I learned how to figure out the earnings and basis since those fields were blank on my 1099-Q. But I did it based on just the 1st disbursement amount since the 2nd was rolled over. And then that looked kind of off.
So should I answer all the TT 1099-Q questions with the full amount disbursed (ignore the rollover at that step and TT's follow up question about rollovers will fix it)? Or answer all the questions based on the single summer disbursement (even box 1)? Or was it actually right to provide what the 1099-Q has for box 1, and figure out boxes 2&3 based on the single disbursement?
Thank you!
