I have a different situation with 1098 and 1099
My son is a 24 yr old med student. The 1099Q is in my husbands name and the 1098T is in my son's. Spring semester of 21, he received a Post 911 GI bill scholarship for tuition and then took out Federal loans for Fall semester while he waited to see if he got an Army HPSP scholarship. We paid all of his room and board expenses for the year. He did get the HPSP scholarship in Oct 21 which back paid his Fall tuition (Fed loans returned by school) and actually paid Spring 22 tuition early. So his 1098T shows more scholarship $ than tuition. When I did our taxes, due to his age and the taxable HPSP stipend and bonus income he received he is NOT considered a dependent.
Q1.Since the 1099Q came in my husbands name I'm pretty sure I'm supposed to enter this on our taxes and the 1098T on his taxes...is that correct?
Q2. His Rent/utilities/books/groceries/food (12K) for the year are definitely more than the 529money we took out (8K) so that shouldn't be an issue so do I even need to enter the 1099 on our taxes?
Q3. If I do enter the 1099, under NON-DEPENDENT STUDENT EXPENSES, adjustments,tax free assistance...do I enter all of VA,military scholarship money he received to cover his 45k tuition or just leave the adjustment section blank?
Q4. Since the Army sent the school his Spring 22 tuition in December, before the school actually posted their tuition...1098 box 5 is greater than box 1. Do I just select YES for box 5 having scholarship $ for expenses in a different year...it's not like he actually received any on the $ personally, it sat in the school account as excess until they charged tuition 2 weeks later.
This education stuff is making me crazy! Thank goodness it's the last year! He's on his own now.lol
