Hello,
This is with reference to last year's message chain https://ttlc.intuit.com/community/college-education/discussion/1099-q-and-1098-t/00/2864188, I have something similar situation. Instead of 2 kids, I have one kid but we both got 1099-Q. He got a 1099-Q for a prepaid tuition plan from IL which was sent directly to college. I received a 1099-Q for a 529 plan withdrawal.
I am not sure if I will claim him as dependent or not
I was on track for 529 withdrawal until the college issued him a scholarship for spring 2024 for the amount of $7500 in the last week of 2023, and because of that, now 1098-T has $15000 (instead of $7500 which he got for Fall 2023)
here is my situation: so what is your suggestion?
| Is the student the parent's dependent? | yes / not sure |
| Box 1 of the 1098-T | $24,175.00 |
| box 5 of the 1098-T | $15,000.00 |
| Any other scholarships not shown in box 5 | no |
| Does box 5 include any of the 529/ESA plan payments (it should not) | no |
| Is any of the Scholarship restricted; i.e. it must be used for tuition | for tuition only |
| Box 1 of parent's 1099-Q | $14,500.00 |
| Box 2 of parent's 1099-Q | $2,514.00 |
| Box 1 of students' 1099-Q #1 | $6,678.00 |
| Box 2 of student's 1099-Q #1 | -$220.00 |
| Box 1 of students' 1099-Q #2 | $0.00 |
| Box 2 of student's 1099-Q #2 | $0.00 |
| Amount of High School tuition | $0.00 |
| Room & board paid during college. If student lives off campus, what is school's R&B charge. | $5,902.00 |
| Other qualified expenses not included in box 1 of the 1098-T, e.g. books & computers | $1,289.00 |
| How much taxable income does the student have, from what sources | $0.00 |
| Are you trying to claim the tuition credit (are you eligible)? | No, as AGI is little more than $180K |
