I am a grad student. My tuition was $20,000 for 2021. I withdrew $4,000 out of my state 529 to help pay for tuition and books, so I got a 1099Q. I am a self-beneficiary of my 529.
I read that I don't have to report my 1099Q because I used all of the distribution for qualified expense, my tuition and books.
Can I still claim the lifetime learning credit because I still have remaining total qualified expense after help from my 529?
$20,000 total educational expenses
- $4,000 distribution from 529
$16,000
Of that $16,000, can I claim 20% of it up to $10,000 so $2,000? Of my educational expenses, $1000 was books.
Additionally, this was the same situation for last year, but I didn't claim the lifetime learning credit because I was worried about double dipping. Can I use TurboTax to do an amended tax return for 2020?
Thank you very much!!
