are you the parent or the student?
if you are the PARENT and you are declaring the student as a dependent, then
- you will receive a 1098-T and the critical items are what is in Box 1 and Box 5
- you will also receive a 1099-Q - because you received the money from the 529. (your SS# will be on the form)
as long as the money you received in BOX 1 of the 1099-Q is less than (BOX 1 minus BOX 5 from the 1098-T PLUS the room and board and any other eligible expenses), you will NOT be taxed on any of the earning on BOX 2 of the 1099-Q. That is a mouthful, but please read it slowly and carefully...and answer the questions slowly and carefully in TT
The 1099-Q goes on the tax return (if required) of the person whose SS# is listed - no exceptions
The 1098-T goes on the parents tax return if they are claiming the student as a dependent.
The 1098-T goes on the students tax return if they are NOT claimed as a dependent on another's tax return (normally their parents)
