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Coverdell used to pay for room & board expenses for Spring, 2024 in 2023.
I am claimed as a dependent on my parents' taxes. Their filing status is "Married Filing Jointly".
I received a 1099-Q for 2024 with my father's (custodian's) name and my SSN. This is my first concern.
I also received a 1098-T from my school. The Coverdell + scholarships covered my tuition and room & board for 2024. I used the Coverdell funds to pay for my Spring, 2024 semester charges (including housing) in Dec, 2023. I did not report this in 2023 tax returns, thinking I could not do this as this money went to pay for 2024 expenses. I am now completely confused as I am being told that that was a mistake. Can I claim the monies paid in 2023 for 2024 expenses in my 2024 tax return? Please advice.
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March 1, 2025
11:29 PM