I have 1 undergrad college =student, I claim as dependent. She files her own returns as well for a part time job income. Expenses exceed the 529 distributions.
1098T= box 1 $60,007
1098T=box 5 $28,520
1099Q under my name as parent for FBO of student, SS# is parent (I paid daughter's tuition with my own money due to tuition deadline time sensitive, and later got reimburse through 529 in the same year)
1099Q= box 1 $8,489
1099Q=box 2 $2,719
1099Q under student name, SS# is student (I requested 529 to paid directly to my child's school)
1099Q= box 1 $14,563
1099Q= box 2 $4,654
As you can see, education expenses exceed $529. Since I claim her dependent, can I enter form 1098T, my 1099Q, and "her 1099Q" in my tax returns? Can she just claim nothing? The reason I ask is because I read somewhere that the person with the SS# in the form need to enter the info. If my daughter enters her 1099Q on her tax returns, Turbo Tax will treat like it is income and tax her, since I already claim 1098T in my tax returns.
Any suggestion on what I should do? Thank you in advance for your help.
