TurboTax Brain Trust-
My understanding after reading some articles and previously asked questions on this TurboTax website is that I do not need to enter 1098-Ts or 1099-Qs into TurboTax at all UNLESS that form involves some sort of taxable event. Is that correct?
For example, my dependent son who is attending college full time for his undergrad degree is the RECIPIENT of a 1099-Q and he also received a 1098-T. I have to file a tax return for him because he has a part time job. This 1099-Q would not have to be entered on his tax return because the amount in Box 1 was the amount that was distributed from my (parent) 529 plan to cover tuition and other qualified expenses that was paid directly to the school from the 529 plan. The distribution described by this 1099-Q is not a taxable event, so therefore doesn't have to be entered on his return.........correct? We are not eligible for any of the Federal Tax Credits or benefits for educational expenses due to parental income.
The 1098-T wouldn't be entered on my son's return anyway, correct? That will go on to the parent's return, if needed, as I read on another TurboTax article?
Thanks for your time in advance.
