Do I put 1099-Q on my taxes?

madialli · ‎June 3, 2019

My parents have a 529 plan for me. My parents received a 1099-Q for this years distribution. They put the 1099-Q on their taxes, do I need to put the 1099-Q on my taxes as well or do I just put my scholarship on my taxes?

MargaretL · ‎June 3, 2019

IF your parents claim you as their dependent, they claim 1099-Q as well as form 1098-T reporting your scholarships and education expenses. You don't put anything on your taxes.

Note: As a dependent, you report 1098-T form only if scholarships exceed your education expenses, the excess is taxable income which is reported on your tax return. The good news is -if excess scholarship is your only income and it is less than $6300 for the year, your are not required to file at all. If your earned income (such as W-2), when added to scholarship exceeds $6300, then you are required to file his own tax return and report your excess scholarship.

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MargaretL · ‎June 3, 2019

IF your parents claim you as their dependent, they claim 1099-Q as well as form 1098-T reporting your scholarships and education expenses. You don't put anything on your taxes.

Note: As a dependent, you report 1098-T form only if scholarships exceed your education expenses, the excess is taxable income which is reported on your tax return. The good news is -if excess scholarship is your only income and it is less than $6300 for the year, your are not required to file at all. If your earned income (such as W-2), when added to scholarship exceeds $6300, then you are required to file his own tax return and report your excess scholarship.