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@johnw42598 wrote: I waited until Wells Fargo Advisiors said the forms would be available, today. The forms can be downloaded from the Wells Fargo website. Yes, but it typically takes a few days (and sometimes a week or more) for some brokerage firms to get the forms (1099s) into the proper format for importing into tax preparation software.

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. 

We have been advised by management that the work on the depreciation section of TurboTax is continuing and expected to be completed with an update to TurboTax coming the evening of Thursday, February 19th.   @johanssonleo02 

Other "tax processors" have not updated their systems. H&R Block, for example, has not yet updated their rental section to include depreciation.    Intuit has purportedly scheduled an update for Thursday night or Friday.

I got this message today when doing my Schwab import "Success! We got your tax data. You can now return to TurboTax." but when I go back to Turbo Tax, the data is not on my 1040. Anyone else having these problems?

Ces 2 formulaires sont pour des crédits différents.   L'Annexe H - Crédit d'impôt pour personne aidante, doit être complété dans la déclaration de la personne qui aide.   Le formulaire TP-1029.TM doit être complété dans la déclaration de la personne répondant aux critères d'admissibilité établis par Revenu Québec. Nous vous suggérons de vérifier si vous répondez à ces critères à partir de lien. Pour de plus amples informations au sujet de ce crédit, veuillez communiquer avec RQ.   Si vous répondez aux critères et que l'erreur persiste, veuillez nous faire parvenir une capture d'écran du message d'erreur entier, en prenant soin de caviarder tous renseignements personnels qui s'affichent.   Merci de choisir TurboImpôt.  

Did you confirm the E-Mail we have on file. You can correct both your Email and Phone number.  On the left sidebar. Scroll down and select Intuit Account Six boxes will appear Click Sign in & security Your account information, including Phone number and Email are available to be updated.

Hmmm. Yesterday through Facebook Messenger I was told by a Turbo rep that a possible reason for the glitch is because the IRS sometimes updates and disables the 1040X function. Until Turbo updates, it is not available to amend online. They also had me check my forms availability and sure enough my 1040 is not going to be available again until 2/25/2026. 

Since there is no longer a 'jump to' feature in the desktop version, how do I get to this?  I tried to change the Form 8949 that was auto generated to uncheck  Part I Box B and check Box C instead but it does not allow any changes. Any suggestions appreciated!

You can't enter those room and board expenses yet. This is a known glitch in TurboTax (TT). They are working on it (no announced fix date).   The 2025 education and 529 sections appear totally redesigned, from last year.   The 1099-Q is  only an informational document. The numbers on it are not required to be entered onto your (or your student's) tax return. The interview is complicated and it's easy to make mistakes. Avoid it if you can and you probably can.  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. 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 (you don’t need it). You would still have to do the math to see if there were enough expenses left over for you to claim the tuition credit. You also cannot count expenses that were paid by tax free scholarships. References: 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."  IRS Pub 970 states: “Generally, distributions are tax free if they aren't more than the beneficiary's AQEE for the year. Don't report tax-free distributions (including qualifying rollovers) on your tax return”. "IRS Publication 970, Tax Benefits for Education states: If the entire 1099-Q went to qualified expenses, room and board, tuition, etc; then, you do not need to enter the form."