Thank you for trying to help. My biggest concern is that turbo tax is calculating the same situation (different numbers of course) differently for each of my 2 daughters. Also, we took the distribution from the 529 as "non-qualified" so i feel that I need to treat it appropriately (paying the taxes) on our taxes so there is no trouble later.
in answer to your questions:
-i am the parent
-the students are both dependents
info for first daughter: this one turbo tax did not calculate that we owed taxes on
-box 1 1098t is 94292
-box 5 1098t is 15000
-no other scholarships
-box 5 does not include 529/esa plan payments
-i dont believe scholarship is considered restricted although it goes directly to tuition (take off bill, we do not receive it, it is from the university)
-box 1 1099Q 15000
-box 2 1099Q 10365.56
-parent is the recipient
-not claiming tuition credit
-student is undergrad
info for 2nd daughter-this one is saying we owe taxes on the earnings, which is correct
-box 1 1098t is 33600
-box 5 1098t is 20062
-no other scholarships
-box 5 does not include 529/esa plan payments
-i dont believe scholarship is considered restricted although it goes directly to tuition (take off bill, we do not receive it, it is from the university)
-box 1 1099Q 20062
-box 2 1099Q 13675.50
-parent is the recipient
-not claiming tuition credit
-student is grad student
thank you for any help you can provide. My goal here is to have turbo tax correctly calculate both in the same way since situationally they are the same.
