My daughter attended college in 2022. My father-in-law (her grandfather) provided funding for all tuition, books and laptop from a 529 he established for her. She doesn't not have any other income to report.
Here are the details and numbers (rounded)
Provide the following info for more specific help
- My daughter is claimed as my dependent.
- Box 1 of the 1098-T = $14,000
- box 5 of the 1098-T = $0
- Box 1 of the 1099-Q = $15,000
- Box 2 of the 1098-Q = $3,000
- In the RECIPIENT'S TIN field of 1099-Q, my daughter SSN is included with the following:
- Father-in-law's name and on the very next line...
- FBO Daughter's name with her home address under her name
- No room & board
- Other qualified expenses not included in box 1 of the 1098-T = $1,000
Do I enter the 1098T on my return and the 1099Q on my daughter's with these exact amounts listed? If so, entering these exact amounts shows that I will receive the AOTC and she will pay taxes on Box 2 of 1098T. Is all of this correct, especially since the funding came from my father-in-law's 529?
I keep reading about not "double-dipping" and getting confused about how to enter.
