I have Education Savings Account (ESA) in one institution and 529 account in another institution for my son who started college in 2021. I withdrew from both institutions. ESA institution issued 1098-Q to my son's SSN. 529 institution issued 1099-Q to my SSN. furthermore 1098-T from the university was issued to my son. My son files separate tax return. Can anyone comment on how I should file the return? Should I file them all under my tax return even though one 1099-Q and the 1098-T forms were issued to my son's SSN?
If you are claiming him as your dependent. you should enter all the information on your return in TurboTax. There is a very slight possibility that it will result in taxable income for your son, so you would have to just report the income on his tax return.
See Guide to IRS Form 1099-Q: Payments from Qualified Education
Thank you for your reply. My income disqualifies me from claiming any educational credit. There are people who say that you don't even need to report if you don't claim any educational credit. Is this true?
Yes, if you are sure that the 1099-Q paid the qualified educational expenses and you will not qualify for the educational credits, you do not have to enter in Turbo Tax. The IRS does not require you to provide this information, but TurboTax will do the calculations for people who are not as familiar with this area of taxes.