Hello - earlier I had a question about reporting earnings (box 2) in 1099-Q for my "non-dependent" child (I'm the recipient) and am very thankful to @AmyC of TT for her insightful advice.
Now I have a question re reporting earning (Box 2) in 1099-Q for my "dependent" child (say, Joe). I'm the recipient but the money withdrawn was used for my dependent child's (Joe's) college education. Because I'm claiming this child (Joe) as a dependent, I'm reporting Box 1, Box 2, and Box 3 info from this particular 1099-Q in my tax filing under "Wages & Income." As you can guess, this results in raising my taxable income (and reduces refunds). Here's my question - am I doing my tax filing in TT correctly by reporting this 1099-Q earnings (Box 2) as a part of my gross income? Please note that all funds withdrawn are qualified expenses for this dependent child (Joe).
Any help and advice is very much appreciated (particularly given the tax deadline is very close!) - thank you! Please let me know if any additional info or clarification needed.
Best wishes,
-Sb
