My son who is 18 and a full time high school student has a UTMA from his grandparents that my wife is custodian over. We used the funds from that account to pay for private school (an ADHD School). We sold the shares of the mutual fund in that account to pay for the education. He received a 1099-B this year and he has jobs where he earned 3600 in income and a roth ira that has been funded with 3200 for 2021. We are trying to file a return for him but don’t know where to offset the income from the 1099B for the education expense. His income from the 1099B is 15k with a cost basis of about 6.5k so it adds to his income 8k.
