- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Education
Carl, my situation is a little complicated - My son who I claim as a dependent, started college (state school) in 2014. We have two 529 plans for him, one pre-paid tuition and one savings. In 2014, the pre-paid plan paid my son’s tuition and fees and sent the funds directly to the college. I paid everything else out-off pocket and claimed and received reimbursement from the 529 savings account. My son got a 1099-Q for the prepaid portion and I got a 1099-Q for the portion I claimed.
I am using TurboTax and I claimed a full $2,500 American Opportunity Tax Credit (AOTC), knowing that some of the earnings of the distributions will be subjected to tax. The Software generated one Form 5329 under my name with a taxable amount calculated off my 1099-Q; it did not have one for my son although the 1099-Q Summery worksheet for him indicates a taxable amount for the earnings from the pre-paid under his name. Since Turbo Tax did not generate a Form 5329 for my son (nor included his taxable amount in my Form 5329), does this mean that my son has to file a return (he does not need to otherwise) for this taxable event?
I am using TurboTax and I claimed a full $2,500 American Opportunity Tax Credit (AOTC), knowing that some of the earnings of the distributions will be subjected to tax. The Software generated one Form 5329 under my name with a taxable amount calculated off my 1099-Q; it did not have one for my son although the 1099-Q Summery worksheet for him indicates a taxable amount for the earnings from the pre-paid under his name. Since Turbo Tax did not generate a Form 5329 for my son (nor included his taxable amount in my Form 5329), does this mean that my son has to file a return (he does not need to otherwise) for this taxable event?
June 7, 2019
2:59 PM