Came across your post. we have our first child in college this past year, 2021 and not sure who should file the 1099-T. Our details: we are claiming him as a dependent. He received a grant that also covers a bit of room & board, $4,668 in total covered for room & board for the 2021 Fall Semester. But we also paid in Nov 21' $1,717 for the Spring 2022 Semester. Are we able to deduct this additional amount we paid of $1,717 from the income amount of $4,668 from the grant for room & board? Meaning his income amount would be $2,951 from the Grant?
Other details, He earned from work in 2021 $8,645. $8645+4668=13,313 He would have to file a return and we wouldn't use the 1099-T on our own return (parents)? $8645+2,951 = $11,596 He WOULDN'T have to file a return and would we then be able to use the 1099-T on our own return (parents)?
So essentially, can we deduct the payment in 2021 for 2022 spring semester from the grant award overage for room & board, thus putting him under the threshold for filing a return and allowing us to use the 1099-t on our own return? Without the 1099-T on our return, we unfortunately would owe taxes on our return. With the 1099-T our payment would be minimal. Please advise THANK YOU.
