Retirement tax questions
If you are entering/reporting Form 1099-Q for a distribution, yes, you can enter room and board expenses in the program.
After entering the 1098-T, there is an option to add books and supplies. IF A 1099-Q WAS ALSO ENTERED, the option to enter Room and Board is also available.
If there is no 1099-Q, room and board expense does not matter. That expense can offset a distribution, but not a scholarship.
As far as your original question- If the 529 distribution did not post until 2025, that amount will be included in Box 1 of your 2025 Form 1098-T.
Are you saying you told the 529 administrator to pay the school in 2024, but the school got the payment in 2025?
If yes, are you saying you now have a 2024 1099-Q reporting a distribution that the school won't claim as payment until 2025?
If this is the issue, treat it as prepaid tuition.
Enter the 1098-T and select the "What if this is not what I paid?" link under box 1 and add the amount of the distribution.
So if box 1 reports 15,000 but does not include a 5,000 distribution that is on the 1099-Q, enter 20,000.
MAKE SURE YOU ADJUST THE OPPOSITE WAY NEXT YEAR
