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Education
Just wanted to clarify. My son took the student loan in 2021 & 2022 but I paid it off now in 2023. I received a 1099Q in my Name with Box 6 checked (for the Recipient is not eh designated beneficiary). The amount is under $10k. Do I need to enter 1099Q in my or my son's 2023 tax return? If I do, what do I enter for corresponding Education Expenses as the education expense was incurred in 2021 & 2022 when he took the loan to pay off tuition (not in 2023) when I paid it off using 529 distribution (for which I am the account owner, and my son is the beneficiary). I want to understand how to report it accurately in my 2023 tax return. Thanks for answering the original question as well as this follow-up.
‎February 25, 2024
10:22 AM