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Question

Does the question, did you make any qualified education loan payments mean the amount you paid each month throughout the year?

Forum|Forum|1 year ago
January 31, 2025
1 reply
0 views

Is this different than a 1098E?

Employee

Q. Does the question, did you make any qualified education loan payments mean the amount you paid each month throughout the year?

A. Yes. Such payments are now a qualified expenses for a 529 plan distribution (form 1099-Q).

Q. Is this different than a 1098E?

A. Yes. But, in the TurboTax interview for the 1099-Q, you will be asked if you are claiming the student interest loan deduction (1098-E), so there will be no duplication. Essentially, you get to assign/allocate the interest to the 1098-E or the 1099-Q.