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why did I receive 2 1099q for the same money?

I received a 1099Q for myself and also for my son for the same 900.00 distribution. do I need to report both 1099Q's on both mine and my sons' taxes? I have read some posts that say you don't need to report it at all if you have expenses to cover the distribution. Since he is living at home while going to school, I think 900.00 is easily covered by other expenses. can you offer any guidance I what direction I should take. thank you.

 

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1 Reply
KrisD15
Expert Alumni

why did I receive 2 1099q for the same money?

No, if the distribution was used for education expenses, including Room and Board, you do not need to bother entering Form 1099-Q into the TurboTax program.

The form is only used for making a calculation, it is not part of the 1040. 

 

You also can not use the same expenses that you apply to the distribution towards an education credit.

 

Check on the balance of the account and make sure the distribution was only posed once. 

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