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Education
Oh man, fully agree. It’s a TurboTax issue. I too have exceeded the income limit and I believe I’m getting taxed on the $10k that I’m not eligible for! I noticed that my tax burden increased by about $2000 which makes perfect sense when considering the $10k. I am entering my data into HR Blocks software, and so far I haven’t been asked to enter the 1099Q, only the 1098-T. To confuse matters even more, the university told me that they do not include Room and Board in 1098-T’s which makes it look even more like ones qualifies distributions are more than qualified expenses. Room and Board is definitely allowable as 529 expense for college tuition.
February 21, 2023
12:52 PM
3,628 Views