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kev_katie
Level 2
January 31, 2020
Question

Does anyone notice on Turbo tax this year that when you put in the 1099-Q forms that even after you add the expenses that you occurred for college you are still taxed.

  • January 31, 2020
  • 3 replies
  • 14 views
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3 replies

T
ThomasM125
Level 15
January 31, 2020

It may be that your expenses are being used for the generation of an education credit for you. In that case, they cannot be used to decrease the income from your education savings account earnings.

 

If you have an education credit, that is probably what is going on.

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K
kev_katieAuthor
Level 2
February 3, 2020

Thank you, I will see if we are getting an education credit. After putting in the expenses most of the tax was credited back except about $66. Just thought you weren't taxed on 529 withdraws if all the money went to Room and Board, Books, and Tuition. This is their second year and we used the credit the first year.

KrisD15
KrisD15
Level 15
February 3, 2020

After you enter the 1099-Q, be sure you also enter the students 1098-T (Tuition and Fees) as well as books and supply expenses. 

Lastly the program should ask if the funds went to cover "Other Education Expenses" like room and board.

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