Hello, I too have questions regarding the 1098T and 1099Qs. As the parent (s), our income is too high to qualify for any credits based off the 1098T entered into the parents' taxes. But when I enter the 1099Q under the student's taxes, we are getting taxed on it. The payments for tuition (box1) greatly exceed the scholarships/grants (box 5), and were all used for tuition expenses.
So, Do I need to enter the 1098T and /or the 1099Qs?? If I just don't include them on any of the taxes, will I be in trouble or at risk for audit?
Also, as another question, on the 1098T forms, there are boxes for gross distribution as well as earnings? is this because these investments have gained value over the years? It seems the taxes are taken off the earnings (box 2) part. Does this impact my above question?
