I am not claiming the college credit as total income is over $160,000. I also know that I am required to enter the 1099-Q that shows me as the recipient. As the plan owner, I get two 1099Qs, one showing my kid as the recipient (this is funds that went directly to the school) I don't enter this 1099-Q. However, I know I'm required to enter the 1099Q that shows me as the recipient.
My question is still the same. The funds from the 1099-Q that I am entering were used to pay for qualified expenses for my son's room & board. Yet my son is not a dependent on my taxes anymore - in Turbotax I can't enter the expenses for his room&board.
I think this would be the same problem like a Grandparent will have. Where they own a 529plan with their grand kid as the beneficiary. I believe that the 529 plan earnings exclusions still apply as long as the funds were used for qualified expenses (like room & board.) The trouble I'm having is doing this in Turbotax as the student does not show up as a dependent.
