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Education
Similar situation...something is glitching in Turbo Tax...I entered $18k in tuition as shown on my student's 1098-T, which exceeds the $11k 529 withdrawal on the 1099-Q, so nothing should be taxable. However, TT is generating 'other income' on line 8 of my 1040 of about $2k. When I switched to 'forms view' and looked at the 1099-Q, there's a worksheet on page 3 of that form comparing the 529 withdrawal amount to the qualified tuition expenses. It appears TT is subtracting $10k from the expense amount, so it thinks the tuition was $8k instead of $18k. To test it out, I plugged in $28k on the input screen, and again the worksheet dropped it by $10k, this time to $18k. Seems like a patch is in order...
‎February 23, 2022
6:45 PM