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Get your taxes done using TurboTax
hello this was helpful, but I still have a question. When I added the 1099-q information (related to the 529 distribution) to my son's return, he went from getting a minor refund based on his odd jobs to owing a lot of money. This article states that the1099-q info should be added to the student's return and the 1098-T info should be added to the parent's return; however, my son doesn't have any qualified educational expenses included in his return because I didn't include the 1098-T information. How should I handle this? The 529 distribution went directly to the school and was well under the total cost of tuition and R&B. Thanks.
March 11, 2024
12:14 PM