Please help with my questions below:
My son (who I claimed as a dependent) has received his 1099Q (25K, under his name from 529 distributions paying his college directly) and 1098T (25K, also under his name).
I have received my own 1099Q for $2K (from 529 distribution paying for his laptop and books).
How should I enter my 1099Q for $2K in TT so that it is tax free? I am also not qualified for the American Opportunity Credit due to my income threshold. But I would like to pay no tax for the $2K above since it is for school expenses.
I called TT this morning but did not get a clear answer. I plan to have my son filing his own tax. The recommendations from TT is for me to:
1) Include my 1099Q in my tax return
2) Include my son's 1098T in my tax return (not his 1099Q, only his 1098T).
If I do this, when my son files his own tax, should he include his 1099Q of 25K? but NOT including his 1098T because I already included his form in my tax?
Please help with my questions above. thanks
HHP
