1099-Q

Forum|Forum|3 years ago
April 11, 2023
2 replies
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I have an adult child who claimed she was a dependent on her taxes, but TurboTax is telling us she does not qualify this year. She attends a medical technology program at a hospital & it does not accept FAFSA, so I was told that means my 529 withdrawal to pay for this program is considered unqualified. I am the recipient & my adult child is the beneficiary of the 529. What do I do with her 1099-Q in this situation?

Best answer by KrisD15

Whomever is issued the 1099-Q is responsible for the tax.

If you took the distribution, and the 1099-Q was issued to your Social Security Number, you enter it.

If the 1099-Q was issued to the student and HER Social Security Number is listed, she claims it.

Do you know why the student is no longer your dependent?

If she isn't, and she filed as if she was, she will probably want to amend her return to claim herself as a Non-dependent Taxpayer.

KrisD15Answer

Whomever is issued the 1099-Q is responsible for the tax.

If you took the distribution, and the 1099-Q was issued to your Social Security Number, you enter it.

If the 1099-Q was issued to the student and HER Social Security Number is listed, she claims it.

Do you know why the student is no longer your dependent?

If she isn't, and she filed as if she was, she will probably want to amend her return to claim herself as a Non-dependent Taxpayer.

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Hal_Al

Employee

In TurboTax (TT), enter at:

Federal Taxes Tab (Personal for H&B version)

Deductions & Credits

-Scroll down to:

--Education

--ESA and 529 Qualified Tuition Programs (1099-Q)

when asked who is the student, check "someone not listed here" . On the next screen, enter the student's name. This will eventually give you one simple screen to enter all expenses. Press Done at the 1099-Q summary screen, to get there.