topic 1099-Q in Education

1099-Q

Mancinobaby — Wed, 10 Mar 2021 00:18:56 GMT

Question:

One of our 2020 1099-Q forms has me (owner) as the recipient of the distribution instead of my daughter (beneficiary). We used the distribution to pay for her college laptop. How can I code it in Turbo tax so I am not being taxed on it? Thank you

Re: 1099-Q

MarilynG1 — Wed, 10 Mar 2021 00:55:26 GMT

If your entire 1099-Q Distribution was used for Qualified Education Expenses (a laptop would be included, if required), you don't need to enter the 1099-Q into TurboTax.

Be sure to enter the cost of the laptop into 'Other Education Expenses' since it is not included in Tuition reported on a 1098-T.

Click this link for more info on Form 1099-Q.

Re: 1099-Q

Mancinobaby — Wed, 10 Mar 2021 03:04:12 GMT

Thank you for your assistance.