No. The 1099-Q does not generate any education credits, but Form 1098-T does. To claim the American Opportunity Credit, enter your Form 1098-T into TurboTax and go through the Education Expenses section. Keep in mind however, you can't claim an education credit for any expenses you paid for with the 1099-Q distribution.
If you received a Form 1099-Q, enter it as you see it. If you don't have one, skip that entry.
If you have both, enter the 1099-Q before the 1098-T. TurboTax won't ask if the distribution was for qualified expenses when you enter the 1099-Q. But it will ask or all of your expenses when you enter the 1098-T.
Qualifications for claiming the American Opportunity Tax Credit are:
- You paid an eligible student's qualified education expenses for higher education at any college, university, or vocational school with a student aid program administered by the US Department of Education
- The eligible student is you, your spouse, or a dependent on your return
- For the full credit, your MAGI (modified adjusted gross income) is less than $90,000 ($180,000 if you're filing jointly)
- For a reduced credit, your MAGI is between $80,000 and $90,000 ($160,000 and $180,000 if you're filing jointly)
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