1098t 1099q

Forum|Forum|4 years ago
February 23, 2022
1 reply
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I have entered these on my and my wife's returns for 3 years and qualified for I think a $2,500 credit each year.

This year I dug in a little deeper... it's her last year. TurboTax seems to have awarded me $2,500 this year as well. The T form shows payments for qualified tuition. Add to that the books and subtracting out the gross distribution from the q form I believe the difference is about $1,500.... Which feels about right I believe I spent $500 on books and I wrote a check for $1,000 towards her tuition this year.... 529 paid the rest I guess I'm just curious how it awarded me $2,500? I thought my net expenses not paid by the 529 would have had been in excess of $2,500.

TurboTax Home & Biz Windows

MaryK4

Level 15

Did you enter your 1099-Q information? The 1099-Q provides three key pieces of information. Box 1 reports your annual distributions or withdrawals from the account. The second box reports the portion of the distribution that represents the income or earnings of your initial investment. Finally, box 3 reports your basis in the distribution.

See Where do I enter a 1099-Q? - TurboTax.

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confusedrfAuthor

Level 6

Yes I did. Again I thought to get the $2,500 credit the difference of tuition less scholarships less gross distribution had to be an excess of 2500?

Carl

Level 11

Just an FYI.... I have found that when a 1099-Q is involved, if you don't work through the education section the way it's designed and intended to be used, things tend to get missed.