My son is a full time student with earned income $17k last year, no scholarship.
Our AGI is too high to claim American opportunity tax credit.
529 Plan issued 1099-Q, Parent is Recipient, all proceeds paid for his qualifying college expenses.
--Planning to let my son file independently so he can qualify for AOLC, is this the right move for us?
--We will not include 1099-Q in our tax return since all distribution being used for qualifying expenses. Is this correct?
--My son also doesn't need to include 1099-Q since he is not the recipient on the the form. Is this correct?
For him to file independently, he will report 1098-T and his tax questions answers are .....Please advise if these are correct.
--Yes, to someone can claim him
--No, to someone will not claim him
--he paid for over half of his support, should he answer YES or NO? or does it matter?
Anything else that we need to pay attention to?
