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Level 1
posted Apr 1, 2022 8:23:05 AM

1098T and 1099Q

 I have a daughter who is a freshman in college. We claim her as a dependent. We do not qualify for the AOTC  tax credits.  We withdrew funds from the 529 plan where she is the beneficiary in her name (her SSN) . I am trying to figure out who needs to report the 1098T and 1099Q information on their taxes and where it needs to be reported ( what forms).  All of the funds withdrawn from the 529 plan were used for qualified expenses.

Thanks

0 1 166
1 Replies
Level 15
Apr 1, 2022 9:17:28 AM

Since all funds were used for education expenses the 1099 Q doesn’t have to be reported. If you are claiming the student she can’t claim education credit so she doesn’t have to report her 1098 T.