My son graduated in May, and started working June and will earn more than $40K from work that he started in end of June. He was younger than 24. Per IRS notes was considered full time student given the 5 months attending before graduation.
We paid the Tuition and Room and Board while he was at school.
Like I had done in prior years, I had the 529 Distribution paid to me back in June after he graduated.
If I do not list him as a dependent, then it does not allow me to input Room and Board for his last semester as school. I does allow for me to do for our younger Son who is listed as dependent.
Based on the difference the 1099Q now exceeds 529 Distribution exceed Tuition and Cost by $3,400 which is just Housing Cost, since I had not listed any other items.
Even if I as suggested put in 7 months, Turbo Tax does not seem to want to allow me to put in Room and Board cost for him.
I am concern this is going create a mess for Taxes and tracking. Why won't Turbo Tax seem to allow for the input of the Room Tax, when seems to be considered that if a Student graduates in May the spring semester cost including room etc can count?
