Hello folks,
I see conflicting info on whether or not to file a 1099-Q in TurboTax.
My situation is as follows:
- $20K Withdrawal
- $5K Earnings
- $15K Basis
- Recipient: My name, but used for my kid's private school 1st grade tuition
I have about $7.5K in education expenses (tuition, computer equipment, etc.) so $7.5K / $20K was used for tuition expenses and the remaining $12.5K was not. However, could the $12.5K (in my mind) be attributed to the basis that was originally submitted after-tax?
If I don't include the 1099-Q in my Turbotax return, I retain about $3K in federal refund.
If I include the 1099-Q in my Turbotax return + $7.5K in education expenses, I retain only about $1K in a federal refund.
If I include the 1099-Q in my Turbotax return but CHANGE the recipient to my child (which does match the 1099-Q), I retain about $3K in federal refund.
What should I be doing here?
Thanks!
-Dad
