Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 25, 2024 8:09:21 PM

Educational expenses paid from a 529 Distribution but no corresponding 1098-T

We paid roughly $1500 in what I believe are qualified educational expenses - for required books from amazon, for access to homework programs, etc. - for which we have no 1098-Ts from them. Our 1098-Q shows 1500 in gross distributions, with 500 in earnings and 1000 in basis.

 

Is a 1098-T the only way to get credit for legitimate expenses, so we don't have to pay taxes on the $500 in earnings, as TT seems to be doing when I look at my Schedule 1?

0 1 2919
1 Replies
Expert Alumni
Mar 26, 2024 5:48:16 AM

Distributions from a 529 plan can be used for several things, including tuition, student fees, books, supplies, and room and board. It can include a laptop (used primarily for school) and even an internet bill. The form 1098-T is not the only source of expenses allowed by the 529 plan.

 

You can just not report the 1099-Q, at all, if your student-beneficiary has sufficient educational expenses, including room & board (even if he lives at home) to cover the distribution. You just keep the form 1099-Q and your calculation of the expenses covered in your tax records, in case of an IRS inquiry.

 

On form 1099-Q, instructions to the recipient read: "Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return. You must determine the taxability of any distribution."