I am the parent. The student is my dependent. 1098-T box 1 and 5 have no 529 money included (just tuition credits and scholarships).
So far, I put the 1098-T information onto my tax return including books and computer expenses and received education credit.
The 1099-Q was from grandpa, but he put my son as the recipient, so my son got the 1099-Q in his name.
Now, I'm working on my son's return...his W-2 income was $4,120 and I added the 1099-Q of $8,304 box 1 Gross, $4,829 box 2 Earning and $3,475 box 3 Basis.
My son goes to a community college and they have no dorms, no on-site living so he had to rent an apartment off-campus walking distance.
Up to this point with his W-2 income ($4,120) and 1099 income($8,304) equaling $12,431 it says I owe $833 to FED. Now of the $8,304 from the 529 income, I'm trying to pay off Room and Board expenses which totaled $6,964. Now it says FED refund of $32.
To verify, on my son's return I'm only showing his (W-2 + 1099-Q) - Room/Board ? (room and board paid with 529 money only) I can show he's going to Clackamas Community College under expenses but leave the 1098-T info blank since I put that information (monies) on my tax return (the parent) as well as books/materials and computer for education credits.
