You only need to report the 1099-Q if your 529 Plan distribution exceeds your dependent’s qualifying educational expenses. The earnings on the excess distribution will be reported as Other Income on your tax return.
You indicated that your distribution in 2022 was for expenses paid in 2022 and previous years. If that is correct, then you have an excess withdrawal. You must take the 529 Plan distribution in the same calendar year as you paid the educational expenses.
If you are claiming your son as a dependent, enter your son’s 1098-T and TurboTax will prompt you to enter the educational expenses. You may also qualify for the Lifetime Learning Credit or the American Opportunity Tax Credit as long as it is not for the same expenses that the 529 Plan was used for. For example, If the 529 Plan withdrawal was $5,000 and the tuition and qualified educational expenses are $10,000, you can claim a $1,000 lifetime learning credit on $5,000 of expenses, and the qualified expenses on your 529 plan will be reduced by $5,000. If you decide not to claim him as a dependent, you still have to report the 1099-Q on your tax return (if the distribution exceeds the educational expenses) if it has your SSN on it.
Please review the TurboTax articles What is IRS Form 1099-Q? and Guide to IRS Form 1099-Q: Payments from Qualified Education Programs for further information on 529 Plan withdrawals.
Please see the TurboTax articles Guide to Tax Form 1098-T: Tuition Statement and What Are Education Tax Credits? for information on educational expenses and education tax credits.
If your son files a tax return, make sure he checks the box indicating that someone else will claim him as a dependent.
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