My son's 1099-Q
Total Distribution: $45,000
Earnings from distribution: $709
My 1099-Q
Total Distribution: $15844
Earnings: $5691
1098-T
Box 1: $41844
Box 5: $26000
I don't plan to put numbers from my 1099-Q because the entire amount was used to pay for qualified 529 educational expenses (Room and Board, tuition fees, etc).
Of the $45,000 distribution, only $26,000 is matched by the scholarship paid towards tuition. $19,000 was excess distribution not used for educational expenses in 2023.
