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Education
Thanks for confirming my suspicion that the education expense "optimizer" has a flaw in it.
I too had qualified educational expenses (on 1098T) that exceeded my 529 distribution (on 1099Q). So it didn't make sense that TT said some of my 1099Q distribution was taxable.
In my case, the TT Optimizer wanted to "set aside" nearly $8000 in education expenses to apply toward an education deduction and/or credit that it ALREADY TOLD ME I DID NOT QUALIFY FOR. Not very optimal... eh?
You simply need to override (reduce) the automatically-calculated dollar amount in "Used for Credit or Deduction" (Worksheet Line 17) until your "Adjusted Qualified Expenses" (Worksheet Line 20) exceeds your 1099Q distributions. Result -- No more 1099Q tax!
I too had qualified educational expenses (on 1098T) that exceeded my 529 distribution (on 1099Q). So it didn't make sense that TT said some of my 1099Q distribution was taxable.
In my case, the TT Optimizer wanted to "set aside" nearly $8000 in education expenses to apply toward an education deduction and/or credit that it ALREADY TOLD ME I DID NOT QUALIFY FOR. Not very optimal... eh?
You simply need to override (reduce) the automatically-calculated dollar amount in "Used for Credit or Deduction" (Worksheet Line 17) until your "Adjusted Qualified Expenses" (Worksheet Line 20) exceeds your 1099Q distributions. Result -- No more 1099Q tax!
‎June 4, 2019
12:48 PM