topic Error on Personal Info in Education

529 Plan

bbond007 — Thu, 20 Feb 2020 20:00:17 GMT

So I contribute to the 529 plan, draw my qualified educational expenses, and receive my 1009Q and 1098-T. I realize I do not have to report the 1009Q information since all of this was qualified educational expenses. Since the contributions were made post taxes, am I allowed to deduct these educational expenses on my tax return? The full amount or just the basis? If so, where do I report them?

Re: 529 Plan

MinhT1 — Thu, 20 Feb 2020 20:15:55 GMT

No, you cannot count your education expenses to offset your 529 distributions and again to claim education credits. That would be double-dipping. You need to choose one or the other.

Most of time, education credits are more "tax efficient" as the credits would be larger than the tax and penalty owed on the earnings part of 529 distributions.

Error on Personal Info

sammccabe21 — Thu, 20 Feb 2020 20:24:06 GMT

I have a question. I put the wrong year in for when driver's license was issued and when it expires. Is that a big deal?

Re: Error on Personal Info

DavidD66 — Thu, 20 Feb 2020 20:41:35 GMT

Putting the wrong year for your license issue and expiration date is not a big deal if you are/were able to successfully e-file your returns. If your returns are rejected, you will need to correct it.