No, the guarantee is only for information/forms entered.
Please review the entry of the 1099-Q
On the "Who's the student?" screen, be sure to select the person that was issued the 1099-Q
DO NOT SELECT "THIS DISTRIBUTION WAS NOT USED TO PAY ANY EDUCATION EXPENSES"
Student loans are accepted as "education expenses" for 1099-Q distributions for tax year 2021.
Continue through to the "Form 1099-Q Summary" screen and click Done
ON THE NEXT SCREEN click None of the above and continue
The following screen will ask about student loans.
If the distribution was used for loan payments, that amount would be entered here making the distribution free from tax.
You may also claim the interest on the loan as a "Student Loan Interest" deduction however, claiming it as a separate deduction may or may not impact the taxability of the distribution reported by the 1099-Q.
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