Q1. For calculations purpose, do I need to enter 1099-Q in TT , although 'All official forms required for filing.. does not show 1099-Q.
A1. Yes, if you want the worksheet. But, these kind of errors are why we recommend that you just not enter it, if you know none of it is taxable.
Q2. Do the student beneficiary needs to file taxes for $2000 earning on 1099-Q. All the distribution used for Tuition+ boarding purpose only.
A2. No, if you know it's not taxable. But, these kind of errors are why we recommend that you just not enter it, if you know none of it is taxable.
That said, we don't know all your numbers or your allocation of expenses or what you are trying to accomplish (tuition credit?).
Provide the following info for more specific help:
- Are you the student or parent.
- Is the student the parent's dependent.
- Box 1 of the 1098-T
- box 5 of the 1098-T
- Any other scholarships not shown in box 5
- Does box 5 include any of the 529/ESA plan payments (it should not)
- Is any of the Scholarship restricted; i.e. it must be used for tuition
- Box 1 of the 1099-Q
- Box 2 of the 1099-Q
- Who’s name and SS# are on the 1099-Q, parent or student (who’s the “recipient”)?
- Room & board paid. If student lives off campus, what is school's R&B on campus charge. If he lives at home, the school’s R&B “allowance for cost of attendance” for student living with parents.
- Other qualified expenses not included in box 1 of the 1098-T, e.g. books & computers
- How much taxable income does the student have, from what sources
- Are you trying to claim the tuition credit (are you eligible)?
- Is the student an undergrad or grad student?
- Is the student a degree candidate attending school half time or more?
