Hello,
Wondering if I can get some clarity around this, please.
My daughter is 19 years old and a full-time college student(no work involved). I claim her as my dependent and have set up a 529 college fund for her. The form 1099-Q has her name in the Recipient's name box. Similarly, Form 1098-T has her name as well. All the distributions from 1099-Q are used to pay for the college.
Box 1(Form 1099-Q): $ 13,192.88
Box 2: $ 4886.98
Box 3: $ 8305.90
The tuition/boarding was the exact amount of $ 13192 (since it was paid directly to the college). However, the 1098-T form shows a different amount of $ 5,770.81. I am not sure how that has been arrived at.
Based on the above situation, do I need to file 1099Q and 1099T? Or can I skip this section in TT? I am assuming I will need to file this under my tax return. Also, since the adjusted income was greater than 180,000, I was not eligible for education credit.
Thanks!
