Have a slight twist on my 1099-Q and 1098-T
The 2 withdraws from 529 (2 semesters) were processed differently. One directly to my wife's bank account before paying to the school. The other directly to the school. Consequently received 2 1099-Qs, one in my wife's tax ID and other in my college son's tax ID.
My income is too high for educational credits and all dependent tax benefits are phased out. So I will not claim son as dependent., College son's earned income not enough to pay of half of his support ($50k+ tuition in private university)
TurboTax won't let me enter son's tax ID 1099-Q into my tax return (wife and I file married joint) and won't let me enter my wife's tax ID 1099-Q into son's tax return. So I'm left with 2 choices
- Per NCperson's reply, qualified expense >= combined box1 of both 1099-Qs. So I can just not report 1099-Q and 1098-T on mine and son's tax return.
- Split 1098-T into 2 parts (allowed?) and report each half on the 2 tax returns to offset their respective 1099-Qs.
