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March 28, 2024
Question

Why does "Student Information Worksheet" for a 529 withdrawal, Part VIII, column "For Purposes of REgular Tax", line 2f only reflect room + board, and not tuition?

  • March 28, 2024
  • 2 replies
  • 0 views
Tuition, books, and room and board are reflected correctly in Part VI, so I'm not sure why 2f doesn't appear to be correct.

2 replies

AmyC
Employee
March 28, 2024

I haven't heard of any complaints or issues in that area. Maybe you don't need to enter the 1099-Q and don't need that section. 

IRS Pub 970 states: Generally, distributions are tax free if they aren't more than the beneficiary's AQEE for the year. Don't report tax-free distributions (including qualifying rollovers) on your tax return.

 

If you do need to enter the form, please reply with more information regarding the 529 numbers, 1098T information, room and board, etc.

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Hal_Al
Employee
March 29, 2024

You should not enter room & board as qualified expenses for elementary and secondary (high school) education. Enter tuition only.