Thanks Amy.
I read up on the link. Yes, he's a dependent. Since my son's unearned income is less than $1300, he doesn't need to file taxes at all, correct? He has no other income; of course he does have a capital loss. So if he's not filing, then do I need to include the 1099-DIV and 1099-B in my returns? Just a thought: What if I don't include the 1099-DIV and 1099-B in my returns and he files and the result is that he doesn't owe any taxes. Is that allowed? BTW, it's his SSN that's on the 1099-DIV and 1099-B.
For 529, the total of Fall 2024 room and board qualified expenses are not enough to offset that $11,200. I would need to include the Spring 2025 tuition or room and board. The question is - should all this even be mentioned in my tax returns if his name is on the 1098-T and 1099-Q? Does this make him have to file a tax return to capture this? And what is IRS and TT's answer to ensure that qualified expenses are recorded despite the discrepancy between 1099-Q and 1098-T? Why should we be unfairly taxed for $11,200 if the 1099-Q paid the Spring 2025 tuition in December 2024 but 1098-T from college did not include it because they received the payment in January 2025?
