>>>any qualified expenses (Room and Board, books, computer expenses, etc.) that are NOT part of Box 1 of Form 1098T
What I found out that the amt sent from my 529 plan for room and board to school is not matching the Box1 of Form 1098T.
It is off by 14163.67. That's why when I file a return for my daughter it ask me to pay tax on the difference. The student is a dependent on my tax return.
>>>the 1098T goes on the parents return, assuming the parent CAN claim the student (whether they do or not is not the question) AND Box 1 and any related expenses EXCEED Box 5
During filing return for the student, it asks if you have received 1098T and enter it. It compares 1098T (Box1-Box5) with 1099Q (Box1) (if qualified distribution) and calculates whether you have to pay the tax or not. that's what is happening. Is there a way to delete 1098T from student's filing?