@Ed328 If All of your expenses were for your kids college and paid for with your 529 accounts, just don't enter the 1099-Q and 1098-T. The 1099-Q and the 1098-T are only informational documents. The numbers on them are not required to be entered onto your (or your student's) tax return.
However, if you want to claim a tuition credit (and most parents do), you'll need to make some adjustments. As described above, TT will use some of the tuition to claim a tuition credit, making part of the 1099-Q taxable. You can review the student info worksheet to see how TT allocated the expenses. You should have entered the 1099-Q first, then the 1098-T, then books and room and board.
Yo may have to delete the 1099-Q and 1098-T and start over.
Provide the following info for more specific help:
- Are you the student or parent.
- Is the student the parent's dependent.
- Box 1 of the 1098-T
- box 5 of the 1098-T
- Any other scholarships not shown in box 5
- Does box 5 include any of the 529/ESA plan payments (it should not)
- Is any of the Scholarship restricted; i.e. it must be used for tuition
- Box 1 of the 1099-Q
- Box 2 of the 1099-Q
- Who’s name and SS# are on the 1099-Q, parent or student (who’s the “recipient”)?
- Room & board paid. If student lives off campus, what is school's R&B charge.
- Other qualified expenses not included in box 1 of the 1098-T, e.g. books & computers
- How much taxable income does the student have, from what sources
- Are you trying to claim the tuition credit (are you eligible)?
- Is the student an undergrad or grad student?
