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Do I have to include 1099-Q on my taxes where the recipient and benefactor is my child?

received 3 1099-Q for my daughter. I was the Recipient of 1 and my daughter was the Recipient of 2. she is the benefactor of all 3. she is in her 5th year of college, so we do not qualify for the Educational Credit. 

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Intuit Alumni

Do I have to include 1099-Q on my taxes where the recipient and benefactor is my child?

If you are claiming the student, the 1099-Q and 1098-T are all entered into your TurboTax program so that an education credit can be calculated and/or taxable income. If any of the distribution is taxable, the taxable amount is claimed by the person that was issued the 1099-Q. The TurboTax program will list which 1099-Q is being taxed, if any. Enter the 1099-Q first, then the 1098-T. 

The American Opportunity Tax credit can only be claimed 4 times. Even if your daughter is attending for a fifth year, until she earns the degree, she is most likely still in her first four years of school. Four years of the degree means Freshmen, Sophomore, Junior, Senior, not four calendar years. Four times means four times. 

The Lifetime Learner's credit is less valuable, but does not have any limits on times it may be claimed. 

Both credits phase out at different income levels. 



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