Thank you both for your inputs.
"But, it will prepare a 1099-Q worksheet for your records.": I do not see any numbers in the 1099-Q sheet generated for my child worksheet. So went back to Federal> Deductions & Credits> Education: Did you have any higher education expenses in 2023 : If i say 'No' the section closes.
For 'yes' Take me to Next section asking for 1099-Q. I select my child as recipient and enter 1099-Q details:
TT saying,' the student beneficiary must report $2000 taxable income'. This is Box2 of 1099-Q.
Saving forms result in 1099-Q calculations sheets for informational purpose (1098-T and 1099-Q details).
Child's Tuition+boarding> over 14k and distribution amount is $.7.5K (including earning+ basis)
1. For calculations purpose, do I need to enter 1099-Q in TT , although 'All official forms required for filing.. does not show 1099-Q
2. Do the student beneficiary needs to file taxes for $2000 earning on 1099-Q. All the distribution used for Tuition+ boarding purpose only.
Thank you!
