Hello all:
I am using TT for the first time and am told, in the section dealing with education credits, that my dependent child owes a few thousand dollars of taxes. (This is due to the excess of 529 distribution over qualified higher education expenses.)
I did not find any prompt that asks me if I want to create a tax return for my child for that income. Hence my questions:
(1) Is there an automated way by which TT creates a return for the child with the appropriate amount of taxable income populated in the right place?
OR
(2) Do I have to create a new tax return for the child. If so, how is the data from my form on the child's taxable amount linked to the child's tax return? Or do I have to copy that in manually, and find the appropriate place to add it?
Any help would be much appreciated.
Thanks in advance.
