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E
esaprac18
March 9, 2020
Question

I entered qualified 529 distribution that I spent for my son's education. why did it increased my federal tax?

  • March 9, 2020
  • 1 reply
  • 0 views
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1 reply

N
NCPERSON1
March 9, 2020

dealing with form 1099Q in TT is quite a challenge.  If your qualified expenses exceed Box 1 of Form 1099Q, there really isn't a need to input into TT, but the math is somewhat challenging.

 

Please post  the following and I can walk you through the math

 

1) Form 1098T / Box 1 and Box 5

2) are you eligible for AOTC?

3) Form 1099Q Box 1 and Box 2; whose social security number is on this form?

4) any expenses (room and board, Books, Computer expenses, etc) that is not reflected in Box 1 of 1098T

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