TutboTaxToddL, I want to make sure I understand your initial response to the question asked. If 529 money went straight to my college son's school, my son must complete the Educational Expenses and Scholarships interview as part of his tax return. For the 529 money that we as parents received to cover miscellaneous educational expenses on his behalf, we should complete the Educational Expenses and Scholarships interview on our joint tax return. Correct?
If this understanding is correct, your answer makes sense, but appears to contradict a response found at https:/ttlc.intuit.com/questions/2854185. That response included the following:
"Here’s the general rules gisted from IRS Publication 970
at <a rel="nofollow" target="_blank" href="
http://www.irs.gov/pub/irs-pdf/p970.pdf">http://www.irs.gov/pub/irs-pdf/p970.pdf</a>
If the student:
Is under the age of 24 on Dec 31 of the tax year and:
Is enrolled in an undergraduate program at an accredited
institution and:
Is enrolled as at least a half time student for one
academic semester that begins during the tax year, (each institution has their
own definition of a half time student) and:
the student's parents provide more that 50% of the
student's support (schollarships/grants received by the student do not count as
the student providing their own support)
Then:
The parents will claim the student as a dependent on the
parent's tax return and:
The parents will claim all schollarships, grants, tuition
payments, and the student's 1098-T on the parent's tax return and:
The parents will claim all educational tax credits that
qualify.
If the student will be filing a tax return and:
The parents qualify to claim the student as a dependent,
then:
The student must select the option for "I can be
claimed on someone else's return", on the student's tax return. The
student must select this option even if the parent's qualify to claim the
student as a dependent, and the parents do not claim them."
Would you please explain further? Thanks!
