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Get your taxes done using TurboTax
If your educational expenses - tuition, room and board, books, etc exceed your 529 disbursement, then you would not have a taxable distribution. You state that you paid $12,000 and $13,000 for educational expenses with only $18,000 coming from the 529. As long as you had $18,000 or more in qualified expenses, there will not be a need to report the 1099-Q. In fact, depending on your income, you may qualify to claim $4,000 for the AOTC credit. I encourage you to read another post of mine with more details here.
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‎January 8, 2024
2:24 PM