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Get your taxes done using TurboTax
Thank you for both of your replies. So I went ahead to claim my as dependent but I encounter this (see below) in TT after I reported the 1099-Q, thinking the education expenses will offet the distribution.
"You can't claim tuition and other fees since your income is too high. Your AGI is exceeds the maximum limit of $180,000, you should continue to enter education expenses to avoid paying tax on your ESA or QTP"
And my tax went up almost $2000, am I being taxed on the earning of 529 on 1099-Q? I thought the 529 earning is tax free as long as it is used to pay for education expenses?
‎April 5, 2022
5:36 PM