My child's TAP-529 1099-Q includes distributions for three semesters Spring/Fall 2024 plus Spring 2025 due to tuition due dates (before the end of 2024). The college 1098-T only lists the tuition expense for Spring/Fall 2024 resulting in an "excess distribution". All TAP monies were used for qualified expenses and the expenses exceeded the distribution. Due to the extra semester showing on the 1099-Q this is resulting in a large tax burden due to the timing of the distribution. What is my course of action ?
Thanks;
Gus
