@Jill21
Q. How do we know if turbo Tax is submitting the 1099Q on final tax papers BEFORE we hit submit and file?
A. TurboTax (TT) prepares a student info worksheet and a 1099-Q worksheet. Review both before submitting your return for e-file.
Q. Will turbo tax reconcile the 1099Q and the 1098T for me?
A. Yes. But, it's complicated and it is dependent on your input. It's helpful for you to have some idea of what the output should look like. See my longer reply, above, for an example.
Provide the following info for more specific help:
- Are you the student or parent.
- If, student, are you the parent's dependent.
- Box 1 of the 1098-T
- box 5 of the 1098-T
- Does box 5 include any of the prepaid plan payments (it should not)
- Box 1 of the 1099-Q
- Box 2 of the 1098-Q
- Who’s name and SS# are on the 1099-Q, parent or student (who’s the “recipient”)?
- Room & board paid. If you live off campus, what is school's R&B charge
- Other qualified expenses not included in box 1 of the 1098-T, e.g. books & computers
