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Qualified Tuition Plans  (QTP 529 Plans) Distributions General Discussion It’s complicated. For 529 plans, there is an “owner” (usually the parent), and a “beneficiary” (usually the student dependent). The "recipient" of the distribution can be either the owner or the beneficiary depending on who the money was sent to. When the money goes directly from the Qualified Tuition Plan (QTP) to the school, the student is the "recipient". The distribution will be reported on IRS form 1099-Q.  The 1099-Q gets reported on the recipient's return.** The recipient's name & SS# will be on the 1099-Q. Even though the 1099-Q is going on the student's return, the 1098-T should go on the parent's return, so you can claim the education credit. You can do this because he is your dependent. You can and should claim the tuition credit before claiming the 529 plan earnings exclusion (unless your income is too high).  The American Opportunity Credit (AOC or AOTC) is 100% of the first $2000 of tuition and 25% of the next $2000 ($2500 maximum credit). The educational expenses he claims for the 1099-Q should be reduced by the amount of educational expenses you claim for the credit. Room and board (R&B) are also qualified expenses for the 529 distribution, but not the AOC (R&B are also not qualified expenses for a scholarship to be tax free). But be aware, you can not double dip. You cannot count the same tuition money, for the tuition credit,  that gets him an exclusion from the taxability of the earnings (interest) on the 529 plan. Since the credit is more generous; use as much of the tuition as is needed for the credit and the rest for the interest exclusion. Another special rule allows you to claim the tuition credit regardless of whose money was used to pay the tuition. In addition, there is another rule that says the 10% penalty is waived if he was unable to cover the 529 plan withdrawal with educational expenses either because he got scholarships or the expenses were used (by him or the parents) to claim the credits. He'll have to pay tax on the earnings, at his lower tax rate (subject to the “kiddie tax”), but not the penalty.   Total qualified expenses (including room & board) less amounts paid by scholarship less amounts used to claim the Tuition credit equals the amount you can use to claim the earnings exclusion on the 1099-Q.  Example:   $10,000 in educational expenses (including room & board)    -$3000 paid by tax free scholarship***    -$4000 used to claim the American Opportunity credit  =$3000 Can be used against the 1099-Q (on the recipient’s return)   Box 1 of the 1099-Q is $5000 Box 2 is $2800 3000/5000=60% of the earnings are tax free; 40% are taxable 40% x 2800= $1120 There is  $1120 of taxable income (on the recipient’s return)   **Alternatively; you can just not report the 1099-Q, at all, if your student-beneficiary has sufficient educational expenses, including room & board (even if he lives at home) to cover the distribution. You would still have to do the math to see if there were enough expenses left over for you to claim the tuition credit. Again, you cannot double dip!  When the box 1 amount on form 1099-Q is fully covered by expenses, TurboTax will enter nothing about the 1099-Q on the actual tax forms. But, it will prepare a 1099-Q worksheet for your records, in case of an IRS inquiry. On form 1099-Q, instructions to the recipient reads: "Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return. You must determine the taxability of any distribution."  ***Another alternative is have the student report some of his scholarship as taxable income, to free up some expenses for the 1099-Q and/or tuition credit. Most people come out better having the scholarship taxable before the 529 earnings. A student, with no other income, can have up to $15,750 of taxable scholarship (in 2025) and still pay no income tax. 

When you enter your rental income and expenses you will see an option to enter assets. Enter the rental property assets there along with the acquisition cost and dates put into service. TurboTax will suggest an accumulated depreciation amount based on that information which you can go with or change if necessary to match your accountant's numbers. 

Yes, she will have to declare some of that scholarship as income.  Depending on how much other income she has, she probably will not owe any tax or even have to file.    Yes, you can claim the AOC, unless high income disqualifies you. Using the 529 plan does not disqualify you.  Room and board are qualified expenses for the 529 distribution, but not for the AOC or tax free scholarship. Worse case: you a pay a little tax on the 529 earnings or she makes a little bit more of the scholarship taxable, and those are unlikely.   For  details, see this post on the five main points on the  1098-T: https://ttlc.intuit.com/community/college-education/discussion/re-what-do-i-do-with-form-1098t/01/3760212#M63114 

The TurboTax online editions are only for tax year 2025 and cannot be changed.   To complete and file a 2024 tax return using TurboTax you would need to purchase, download and install on a personal computer one of the 2024 desktop editions from this website - https://turbotax.intuit.com/personal-taxes/past-years-products/   A 2024 tax return can only be printed and mailed, it cannot be e-filed using TurboTax.

kebell50 - Thanks for looking into this. It would be nice to know if all we have to do is wait a few days until the Wisconsin DOR gets the TurboTax update implemented. I appreciate your efforts even if we are just getting the runaround. My direct email is mikobr920 on gmail. Regards, Mike O'Brien

I usually save to a new file after I've made a lot of changes.  But after the Feb 26 update, none of the versions I've saved has the "Connect to Live Expert" link - including the version I shared with the TurboTax Live Expert! I'll just wait for TT to fix it...

Code 570 means "Additional Acccount Pending". The IRS have put a temporary hold on your account. This could be caused by income mismatches, identity verification needs or discrepancies in credits/deductions.   If you thinkyou know the mistake, you can amend your return. But the amendment form 1040X will only be available in TurboTax after 3/4/2026.

No you cannot amend yet. You cannot change or add anything on the return that you just e-filed, nor can you stop it.  It is too late, just like when you put an envelope in a US mailbox on the corner.  The IRS does not allow you to take it back.   If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.”  The changes will go nowhere.   Now you have to wait until the IRS either rejects or accepts your return.  If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return.    Sometimes—not always— the IRS corrects your mistakes, while they are processing your return.    If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund.  THEN you can prepare an amended tax return and e-file or mail  it in. You have to be able to work from that return exactly the way it was when it was e-filed originally.  You will need to use a form called a 1040X.     Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself.  Sit tight and wait until you see what the IRS does with the return you just e-filed   The Form 1040X is scheduled to be available on March 4.  The date is subject to change, so check on 3-4 to see if it is ready.   Before that, do not change anything at all on your return.  

I am the OP of this post and like to provide an update: It is now fixed - Yay! Thank you TT for the update of 2/25, version 025.000.0269   Three comments: First I'd like to thank @AnnetteB6 and @DaveF1006 for being upfront with the users about this shortcoming and providing positive expectations - unlike a few others.   Second I don't understand how/why TT would come to the conclusion to remove critical information for a product - to realize they made a mistake. What a waste of time for everyone. This should be a reflection and lessons-learned for those who make such decisions.   Third, tho cosmetic and acceptable (for me), the displayed text remains misleading and inconsistent! and I pointed that out in one of my earlier comments to one of the other employees.  Why couldn't TT just use the correct old/original text from last year? Or spend extra 10 minutes to keep all text consistent. This is what I mean: The text reads "Optional books and materials from the school". But when you click on the info circle it reads"... not required to be purchased from the school". Further, there is even more discrepancy in the text of the associated form fields. Last year's text was the correct one. Sigh and SMH Wish everyone a good tax season - Regards.        

FROM THE IRS WHERE’S MY REFUND SITE: https://www.irs.gov/wheres-my-refund How it works Where's My Refund shows your refund status: Return Received – We received your return and are processing it. Refund Approved – We approved your refund and are preparing to issue it by the date shown. Refund Sent – We sent the refund to your bank or to you in the mail. It may take 5 days for it to show in your bank account or several weeks for your check to arrive in the mail.

Do you mean that your refund was offset for a debt you owed like back taxes or child support?   TurboTax never knows about that.  The IRS (or the state) does not tell TT when they seize a refund for debts you owe.   If your refund was offset, you will receive a letter in several weeks to explain.  refund offset.   https://www.irs.gov/uac/tax-refund-offsets-pay-unpaid-debts  IRS Treasury Offset Program Call Center at 1-800-304-3107  https://www.irs.gov/uac/tax-refund-offsets-pay-unpaid-debts   https://ttlc.intuit.com/community/refunds/help/what-is-a-refund-offset/00/26301   Reduced Refund      https://www.irs.gov/taxtopics/tc203      NOTE: You can contact the IRS Treasury Offset Program Call Center at 1-800-304-3107 to ask if they have an offset for you on file. TurboTax would not have that information.   https://turbotax.intuit.com/tax-tips/tax-payments/who-can-garnish-an-income-tax-refund/L7cPPzDyc  

They told you wrong.  to be specific, when Intuit TT configures their directory (the partners) for import, you should see both. T.Rowe Price Mutual Funds - showing, logging in and importing T.Rowe Price Brokerage - NOT showing, thus not logging in and importing.   I've escalated (again) today with Intuit and have a case number.  Todays rep although nice, doesn't know anything.  All they can do is search their KB's and read them.  Pretty sad support, almost as sad as the embicile M-Tax who posts inane/captain obvious responses to every post.  Can't figure out if he works for H&R or just looking for dopamine hits from the community forum..lol.   I will post back if/when resolved.   As you may know, they combine div/sells on same form so really long and nasty to manually enter.  You can convert pdf into .xft but thats also messy and requires cleanup.  Of course if TT was really on the ball, they would add the same capability (Control) to do the pdf conversion in like they provide for w-2's, etc.