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Education
Great info, but it doesn't resolve the original question, at least as pertains to my situation. Here is what I mean:
1. Total college expenses for the semester (simplified):
$6,500 Tuition and Fees
$7,000 Room and board
=$13,500 Total expenses
The 1098T only lists $6500, whereas the 1099Q lists $13,500, implying that I owe taxes on the $7,000 (all contributions made by me and distributions made to me). That seems like a problem, no? I didn't get a tax break on the contribution (no tax break for 529 contributions in NC), and then I have to pay taxes on the distribution, even though it's going to a qualified higher education expense?
May 11, 2020
12:43 PM