- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Education
It depends.
If you were issued Form 1099-Q and entered that form into your TurboTax program, did you also enter Form 1098-T?
Depending on the numbers in Box 1 and Box 5 on Form 1098-T, as well as outside expenses for books and supplies and separately, the expense for Room and board, AND depending on if you are the student or if you claim the dependent student on your return, the program may suggest some of the earnings on the distribution be claimed as income in order to get an education credit. Usually the credit is worth more than the tax on the earnings.
If you still have concerns, please continue and please supply more information.
Also IRS Pub 970 provides great information
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 29, 2025
3:10 PM