Thanks to this community for its help on how to deal with 1098-T and multiple 1099-Q's as its likely that my son will also need to file his own tax return for 2024
- My dependent son had a part-time job in 2024 and has a W2 on which some income Fed + State taxes were withheld
- He also has a brokerage account in which he had some interest and dividends income in 2024
- His overall earnings across both W2 income and passive income are low enough where he doesn't need to file a tax return
- However, he will likely need to file a personal tax return to get a refund for the Fed and State incomes taxes that were withheld on his W2
- We paid for his college expenses through 2 different 529 plans
- The university issued a 1098-T in my son's name
- 529 Plan 1 is a "pre-pay" 529 plan paid for his tuition and mandatory fees. They issued a 1099-Q in my son's name
- we paid for room, board, books etc. directly and withdrew funds from 529 Plan 2 for those expenses. 529 Plan 2 issued a 1099-Q in my name
We are incredibly confused on whether we should enter information from these 1099's on my return, his return, or no return at all.
This community's guidance is appreciated.