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Get your taxes done using TurboTax
Thank you. Page 52 for qualified distributions at IRS Publication 970, Tax Benefits for Education. If all of the 529 went to qualified education expenses plus room and board, you can delete the form 1099-Q. It is not reported on anybody's return.
Since your parents are claiming you, you don't qualify for the education credit. The limits were increased this year to help more parents qualify. If your parents income is too high, then nobody gets the education credit.
Delete the 1099-Q and education expenses for you. Since it was less than tuition, let your parents know there is some tuition money left and here are the new rules:
The phaseout for AOTC is:
$80,000-$90,000 or
$160,000- $180,000 MFJ
Good luck!
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March 9, 2022
2:54 PM