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Education
No, if the entire QTP distribution was for Qualified Education Expenses (including Room and Board), the 1099-Q does not need to be entered into the return.
For most qualified education program beneficiaries, the amounts reported on the 1099-Q aren’t reported on a tax return. However, if annual distributions exceed your adjusted qualified education expenses, you may need to report some of the earnings reported in box 2 as income on your tax return and pay an additional 10 percent tax on it as well.
Enter the 1098-T as reported in the Education section.
Here's more info on Form 1099-Q.
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March 20, 2023
3:34 PM