1099-Q versus 1098-T
I have a 1099-Q from the 529 plan showing distributions of $38,612. I have a 1098-T from my daughter’s university showing payments for tuition/books of $15,233.34. Added together with the 1098-T and other qualified expenses, I get a total of $30,021. This difference appears to represent (in part) 529 plan distributions taken and not being spent for qualified expenses- thus a tax liability (and probably a penalty).
Part of the total reported on the 2024 1099-Q was a distribution for tuition in 2025. However this transaction was processed by the payor/trustee in December 2024. The relevant tuition was paid in January of 2025.
QUESTION: What can I do in TurboTax deluxe regarding this 529 plan 1099-T? Can I adjust the entries of either form in TT to better reflect and match the distributions versus the qualified expenses?
