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February 25, 2020
Question

Where do I enter tuition information about private school tuition paid for from 529 distributions? The 529 withdrawal ended up exceeding the tuition amount somewhat.

  • February 25, 2020
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1 reply

ColeenD3
February 25, 2020

You will have to account for your expenses or the entire 1099-Q will show as taxable. Enter it in the 1098-T section and say that you did not receive a 1098-T. Then enter your expenses.

 

Some advice from HalAl :

You enter the 1098-Q; then you enter the 1098-T. Tutbotax will automatically claim the tuition credit first. To verify this, Go through the education section again. When you get to the screen that says “Here’s your Education Summary”.  Click edit next to “Education Information”. When you get to the screen titled “Amount Used to Calculate Education Deduction or Credit”, verify the amount you want to use or change it.

 

Form 1099-Q reports distributions and benefits from Coverdell education savings accounts and 529 plans.

The 1099-Q is reported on the recipient's tax return (the person whose Social Security number is on the form). If the funds went directly to the school, consider the student as the recipient, and if the student is your dependent, you should enter the 1099-Q on your return.

 

Here's how to enter your 1099-Q in TurboTax:

  1. Open or continue your return.
  2. Select Federal and then Deductions & Credits.
  3. Scroll down to the Education section under All tax breaks.
  4. Select, Show more and select Start or Revisit next to ESA and 529 qualified tuition programs (Form 1099-Q).
  5. Follow the screens to enter your info.