My 1099-Q reports distribution of $70K ($48K basis and 22K earnings).
My daughter's reported college expenses are:
- Tuition paid (from 1098-T): $63K
- Other qualified room & board expenses: $18K
- Scholarship (from university, reported on 1098-T): $28K
My qualified expenses ($63K+$18K = $81K) exceeds distribution of $70K.
1) Why is Turbotax reporting taxable Income from 1099-Q of $5348 ? Where can i see the breakdown of how it arrived at this number?
2) I was told there's a "college tuition" tax credit in for parents in 2023. How do i claim this credit? Didn't find this in Turbotax Premier
