I am the recipient of 1099-Q form. Beneficiary is my son who is a first year student in a university and has no W2 or income. His tution is higher than the distribution in 1099-Q.
Due to economic impact payment & education credit. My son is submitting his own tax (I mean he is not a dependent in my tax filing). Here is a few question:
1) I am the recipient of 1099-Q even though my son is the beneficiary of the account. Since my son is submitting tax seperately, who should report 1099-Q
2) I did not report 1099-Q in my filing but my son does. Is it ok? Looks like it has zero impact in his filing but during entry, turbotax print a msg that some amount is taxable income and should report it but I do not know how? it may be mention that there is earnings (box 2) & basis (box 3)
Any suggestion or help is really appreciated
