I can tell you understand this so I am going to give you my numbers so you can tell me what to do.
1098T I put on my return, the parent, even though it has my college dependent son's name and social: Box 1 had 18,215 and Box 5 had 16,198. Box 8 is checked because he was full time.
I qualified for American Opportunity Credit for $802.
I have used 529 plan to pay for all of his qualified educations expenses.
I put the 1099Q that had my social and name onto my return and it dropped my refund from $3127 to $2809 which still put me ahead.
Then I did a return for this college son because he also received a 1099Q with his name and social. That is all he has. It resulted in him owing $447. This made the credit still worth it but by only $37.
I then decided to play around and see what would happen if I added his 1099 Q to my return along with the other 1099 Q in my name. My refund then went from $2809 to $2802.
I am really confused.
Here is information from the Q's
My Q: Box 1 4666.96 Box 2 2082.06 and Box 3 2584.90
Here is my son's Q: Box 1 6490 Box 2 2875.89 and Box 3 3614.11
Please note: this just dawned on me. My Q is for a different college that he transferred to in January so there is no 1098 T yet because it is for 2025 semester. I had to pay for the semester in December 2024 so he could lock in his classes.
His Q was for the 2024 semester that matches up with the 1098 T.
I will make sure this mess does not ever happen again. I did not know this would impact me so much!
Thank you,
Juile
