Education

Yes, you generally need to report the 1099-Q on your tax return.

Key Points:

• Form 1099-Q: Reports distributions and benefits from Coverdell education savings accounts and 529 plans. It's reported on the tax return of the person whose Social Security number is on the form.
• Qualified Education Expenses: Since the $22,000 distribution was used for your daughter's tuition, it is generally not taxable.
• Taxability: When you enter the 1099-Q, TurboTax will help you determine taxability and only report any taxable income.

Steps to Report 1099-Q in TurboTax:

1. Open or continue your return.
2. Cick Form 1099-Q.
3. Follow the screens to enter your info.

Additional information about 1099-Q can be found here.