My daughter is a full time student, files independently as a single and is 28. She works also so she has an income.
Her 1098-T Box 1 reflects the total amount paid to the school. But she only paid a portion of this amount, while the remainder was paid from a 529 beneficiary account owned by me. I received the 1099-Q and reflected it on my tax return along with the amount I paid.
How do I reflect my daughter's portion of the payment in Box 1 of the 1098-T? Should I just modify the Box 1 amount to reflect what she paid or is there another way? I don't want to overstate how much she paid as this would double dip for some of the tuition paid (both AOTC and the 529 applied).
Thanks so much!!!
