topic 1099Q in Get your taxes done using TurboTax

1099Q

ScottandLara — Sun, 15 Apr 2018 20:23:33 GMT

College 529 Question. Based on the following statement below being posted by Turbo Tax, does our child (our dependent) have to report the 1099-Q and 1098-T on their taxes since this statement below indicates we should report it on ours (the parents)?

"Turbo Tax Statement "Form 1099-Q reports distributions and benefits from Coverdell education savings accounts and 529 plans.

The 1099-Q is reported on the recipient's tax return (the person whose Social Security number is on the form). If the funds went directly to the school, consider the student as the recipient, and if the student is your dependent, you should enter the 1099-Q on your return."

Re: 1099Q

PaulaM — Sun, 15 Apr 2018 21:06:00 GMT

Yes, if your child is your dependent report the 1099-Q and 1098-T on your tax return.

Re: 1099Q

ScottandLara — Sun, 15 Apr 2018 22:02:39 GMT

Paula, our child is classified as a dependent. We will report the 1099-Q and 1098-T on our tax return.

Additional information. The forms all have her name and TIN referenced on them. Are we correct that you are saying that these 1099-Q and 1098-T forms will not be used at all on our child's taxes? Thank you!

Re: 1099Q

PaulaM — Sun, 15 Apr 2018 23:17:58 GMT

Yes. Enter the 1099-Q and 1098-T on your return if claiming the student as your dependent.

See TurboTaxChrisitnas's answer for reference