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Level 2
January 27, 2024
Question

1098-T & 1099-Q

  • January 27, 2024
  • 1 reply
  • 2 views

Hi,

Just want to make sure i'm doing this correctly. We can claim our 20 year old as a dependent. She has worked two part time jobs, and will be filing taxes.

We put the 1098-T on our taxes, and plan to put the 1099-Q on hers. 

1098-T Box 1 $20,175

1098-T box 5 $7,800

Room & Board and meal plan totaled $8975

1099-Q total is $5300

Does she even need to report it? I want to make sure this is the correct way to be doing this. Any advice is appreciated! 

1 reply

KrisD15
Level 15
January 27, 2024

NO. 

 

If the distribution (5,300) was used for Room and Board (8,975) don't enter it anywhere. It isn't taxable.

Entering Form 1099-Q is essential but confusing when it needs to be done to claim tax. 

 

Since this will not trigger any tax, don't enter it. 

 

Keep a copy with your and your child's tax file. 

 

Pub 970

 

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sneaks27Author
Level 2
January 27, 2024

THANK YOU!