1. Home
  2. Taxes General Forum
  3. 1099-Q's: What to do when my son and I each received one

1099-Q's: What to do when my son and I each received one

Situation for 2015

Expenses:

$22K of total educational expenses for my son. $4K of it went to computing the American Opportunity Credit, leaving $18K for possible covering by the 529 and Coverdell. All expenses were paid by me with cash and college savings plan distributions

Distributions:

1)I received $11K from his 529 (1099-Q sent to me with my SSN on it). 2)I received $6300 from his Coverdell (However, 1099-Q was sent to him with his SSN on it. TaxAct indicated that was correct).

Since the total of $17,300 was less than the $18K above, I think everything is OK there.

Question:

TaxAct says I have to enter the 1099-Q sent to me and he has to file with the 1099-Q sent to him. How, when he puts the $6300 Coverdell distribution on his 1040, does he have access to the fact that I paid enough educational expenses to cover both distributions?

Reply to
gindie
Loading thread data ...

I can't talk to Taxcut. I can talk to the law. There is nothing to report on Line 21 (Other Income) as all of the funds were used for qualifying education expenses. This answer assumes that your use of the words "total education expenses" means qualified educational expenses as defined for the AOTC, QTP & CESA.

Reply to
Alan

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.