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Get your taxes done using TurboTax
More info needed. Who was the "recipient" of the 1099-Q (that's whose return the 1099-Q goes on)?
Does the student have any other income? How much? And from what source (wages or investments)?
What's gonna happen is that some of the scholarship and some of the $16K 529 plan earnings are going to be taxable.
Why do you think you don't qualify for a tuition credit? Income too high or there's not enough expenses? Have you claimed the American Opportunity Credit (AOTC) in the past? How many times? If you qualify, it may behoove you to claim it (and student pay more tax).
March 13, 2022
11:42 AM