topic 529 - Form 1099Q in Education

529 - Form 1099Q

cami_fainguersch — Mon, 03 Jun 2019 18:33:37 GMT

How do I enter my 1099Q if my earning are below 6K and I'm under 24? The earning on the form are making me to pay taxes. Thanks

If the distribution doesn’t exceed the amount of the stud...

ChrisJ — Mon, 03 Jun 2019 18:33:38 GMT

If the distribution doesn’t exceed the amount of the student's qualifying expenses, then you don't have to report any of the distribution as income on your tax return.

If the distribution exceeds these expenses, then you must report the earnings on the excess as "other income" on your tax return.

https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Forms/What-Is-IRS-Form-1099-Q-/INF14817.html

so if the qualified tuition is 12000.00 with scholarships...

barbwright63 — Mon, 03 Jun 2019 18:33:39 GMT

so if the qualified tuition is 12000.00 with scholarships is 7329.00 do I have to file the 1099Q which total with the (2) forms of 5,800