I am in Florida. Before my divorce, I created a Florida 529 Educational Plan and a Florida Prepaid College Fund for our son. All contributions to both accounts were made prior to the divorce . I am the sole owner of both accounts (ex-husband only has right of survivorship and he also lives in Florida) and our son is the beneficiary of both accounts. Our son was 19 as of 12/31/21. I do NOT claim him as a dependent on my own taxes and won't be claiming any educational credits of any kind. I believe that my ex-husband claims our son as his dependent, as he assists with his living expenses, but he and I are not on speaking terms so I don't know for sure and my son is clueless but needs to file his taxes, as do I.
Our son is in college in Florida and shares an apartment (off-campus) with roommates. He had a part-time job income in 2021. In 2021, his tuition was paid for by a Florida prepaid college fund which I had established for him. He also receives a full tuition Bright Futures scholarship from the state of Florida, which was given to him in cash since the prepaid fund covered his tuition in 2021, and which he uses to pay for other educational expenses.
Additionally, I requested a reimbursement from the 529 educational account in late December 2021, which was sent directly to my son, to repay him for his rent for the Fall 2021 semester (he lives off-campus and the amount refunded from the 529 account was for 4 months of his share of the rent. All the roommates are listed individually on the lease.)
As the account owner, I was notified of two 1099-Q documents, one for the Florida Prepaid College Fund (funds paid directly to the University) and one for the Florida 529 Savings plan (reimbursement sent directly to my son for a qualified expense, i.e. his rent while he is enrolled in college). Both 1099-Q forms have my son's name and SSN as the recipient and list his address as his apartment.
If someone could explain, in plain language, who should be reporting each 1099-Q forms on their taxes, I would appreciate it.
- If I don't claim him at all and don't claim any educational credits, do I need to report any of these forms on my Federal return?
- If his father claims him as a dependent, does his father then need to include the 1099-Q forms on his federal return?
- Or does my son need to include those on his personal tax return whether or not he is claimed as a dependent by his father (he does check "yes I can be claimed as a dependent" on his tax form)?
