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1099Q - Parent is the recipient and dependent child is the beneficiary. The 1098T shows qualified tuition payment, but room and board are not included. How enter in TT?
Ex. 1099Q gross distribution(line 1) = $15,480 and 1098T Payments received (line 1) = $9,687. There is a difference of $5,793. That is the exact amount that I paid for room and board. I need to know how and where to enter this in TT in the correct sequence so that I get advantage of any education credits and so I'm not taxed on the distribution. Also, How should I enter this on my son's tax form?
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March 28, 2020
3:11 PM