My dependent son (full time college student, age < 24 years) received 1098-T and 1099-Q on his name.
Total Fees paid to college : $13675.76 (Tuition/Lab - $7802; Room & Board : 5873.76)
1098T: Box 1 = $7802; Box 8 checked (at-least half-time student); All other box blank
1099Q: Box 1 = $9646.53
Questions I have. Thanks in advance for your inputs!
- Is my son required to file taxes, since he received a 1099-Q on his name? He did not have any type of income for the tax year.
- Reading other posts, it sounds like, though the 1098-T is issued in my son's name, I can input the 1098-T in MY (parent) tax return and claim the AOTC credit. Did I get it right?
- In TurboTax, under section "Deduction & Credits / Education / Form 1098-T",
- For Box 1, I guess, I should enter $7802?
- Right under Box 1, should I also click the link "What if this is not what was paid to this school" and enter $13675.76? Or this is not needed?
- In TurboTax, under section "Deduction & Credits / Education / Form 1099-Q", should I answer "Yes" to question "Did you receive Form 1099-Q for distribution from a Coverdall ESA or qualified tuition plan" and enter the 1099-Q info? Or answer no, and do not enter the 1099-Q info at all?
