I have two daughters in college. I have 529 accounts for both of them, of which I am the owner.
1. In the Education section, TTax is only picking up the 1098-T amount for one daughter; it is not adding in the 1098-T amount for the second daughter. Why? She is a full time student working on a four year degree. (Not a felon by the way.)
2. For the daughter for which TTax is picking up the 1098-T number, TTax is subtracting the scholarship amount from the amount in box 1 of the 1098-T. The heading of Box 1 is payments received for qualified tuition, etc. I am assuming that refers to payments from me. Is that correct?
Help.
You'll need to sign in or create an account to connect with an expert.
1. Two possibilities in your return:
2. No, the college does not enter your payments, only the total tuition. You have 529 which yields a 1099-Q and 1098-T with box 1 tuition paid and box 5 scholarship.
The 529 went to room and board, then qualified expenses. If all of it was used on qualified education expenses, do not enter the 1099-Q. IRS Pub 970 states: Generally, distributions are tax free if they aren't more than the beneficiary's AQEE for the year. Don't report tax-free distributions (including qualifying rollovers) on your tax return.
For the 1098-T, box 5 scholarships may have been required to use for school or could have been for living expenses. Box 1 tuition is all amounts paid which may include 529 and scholarship money. If you are eligible to claim an education credit, all of this can get very tricky. Please see another post of mine here.
1. Two possibilities in your return:
2. No, the college does not enter your payments, only the total tuition. You have 529 which yields a 1099-Q and 1098-T with box 1 tuition paid and box 5 scholarship.
The 529 went to room and board, then qualified expenses. If all of it was used on qualified education expenses, do not enter the 1099-Q. IRS Pub 970 states: Generally, distributions are tax free if they aren't more than the beneficiary's AQEE for the year. Don't report tax-free distributions (including qualifying rollovers) on your tax return.
For the 1098-T, box 5 scholarships may have been required to use for school or could have been for living expenses. Box 1 tuition is all amounts paid which may include 529 and scholarship money. If you are eligible to claim an education credit, all of this can get very tricky. Please see another post of mine here.
Wow. I guess I have been doing this incorrectly for awhile.
Ok, let me work on this. Thanks much.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
confused yet in college
New Member
amberjack9
New Member
sara98
New Member
brookebodendieck
New Member
sunlmia
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.