Using desktop installed TT Deluxe on Win11.
I am the parent of a dependent full-time college student, the student is the beneficiary of a 529, and scholarships.
Received a college tuition refund once the scholarship was applied. Therefore when entering the 529's 1099-Q data in TT, I should also enter the amount that was refunded by the school, right? But where?
Steps used on the student's return:
- In Federal Taxes > Deductions & Credits > Education > ESA and 529 qualified tuition programs (Form 1099-Q) > Selected No on ESA beneficiary, but Yes that I “received Form 1099-Q …QTP”.
- Entered the 1099-Q Information until I got to the “Refund of Education Expenses” screen.
- Selected “Yes, I received a refund of qualified education expenses”.
- Then selected “No, I did not re-contribute the refund”. (BTW, I don't see the impact of these last two bullets on any form! Is there?)
I was expecting some new field to appear during these steps in order to enter the $ amount of refund received. But no new field appears. So the question is: where in TT do I enter the refund amount, or how do I handle this refund in preparing the dependent student's tax return? or parent's tax return??
(FYI the 529 distribution is slightly over the QEE, tho not subject to the 10% penalty, the excess needs to be reported as income on the beneficiary student's tax return)
TIA
