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Get your taxes done using TurboTax
You only have to report the 1099-Q if you took more than your qualified expenses. As long as you did not take an education credit in 2020 for the excess expenses you would have had, your payment records for tuition and room & board for the 2 years would suffice. Just keep detailed records in the case of an inquiry. Room & Board does not count toward the education credits, so it is unlikely that you have received any tax benefit for those expenses - which 529 money does cover.
Guide to 1099-Q. See the highlighted part in this article.
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‎April 6, 2022
11:36 AM