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Get your taxes done using TurboTax
No, you are not being taxed on the 1099-Q. The 529 earnings are tax-free as long as the funds are used to pay qualifying educational expenses.
Since the 1098-T and the 1099-Q are tax forms that do not have to be reported, and you are not eligible for an education credit, I would delete both the 1099-Q and the 1098-T from your return. I would keep both of these forms with your tax documents. This way you can be reassured that you are not being taxed on either of these forms.
‎April 5, 2022
5:58 PM