1099-Q questions

[rswelter]

the auto round up function is giving me a out of balance error message and not letting me advance.

The 2024 (American funds)1099-Q received has 2 distributions, one for the fall24 billing made in the summer24 and a fall24 payment for the Spring25 billing.  will I have an issue just using 1 of the two withdrawals shown on the 1099-Q?

thanks everyone!

[KrisD15]

If they were both made in 2024, do they both show on your 1099-Q?

If yes, why would you only want to report one of them? 

Payments made in 2024 qualify if they are for classes in 2024 and/or the first three months of 2025. 

[rswelter]

thanks kris,

tried that and since the 1098-T only reflects the tuition payment for 2024 TT is treating it as a surplus distribution without any tuition to offset?  You are correct in that the extra distribution was for spring 25.  I am not sure how to handle this disparity?  the backstory is that this is from a 529 plan set up for my sons.  they are the beneficiaries and students.  all the forms are in their names and I am using deluxe for their returns.

thanks

[rswelter]

to follow up on the above,

would it be proper to add to the 1098-T the extra amount paid in 2024 for the following semester in spring 2025.  That might fix any surplus distribution error.  Just dont want to flag the system with unsubstantiated tuition expense? 

thanks again.

[KrisD15 · Accepted solution]

Box 1 on form 1098-T should show what was paid to the school in 2024, no matter what the payment was for, so if the distribution was made, and paid, in 2024, it should be in Box 1. 

If it isn't, use the link under Box 1 on the 1098-T entry screen "What if this is not what I paid to the school?" and enter the total you paid.