Haven't started with our taxes and Turbotax as yet..
thinking about how to handle our 529 usage, with what appears different scenarios. Will have to play with TurboTax once we get it installed
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Our son had a 529 from grandparents. We asked the Fidelity agent to withdraw the $13k and close the account; a check was mailed to our son, and it was deposited in his checking acct.He has received a 1099-Q for the $11k cost basis + $2k warnings.
He paid $3k for housing, books, etc from his checking acct.
WE paid tuition of $12k from our acct and received a 1098-T from the college for his SSN.
SO - all the transactions don't really do anything for him on his 1040... is there any way we can report the funds on ours and use the various edu deductions ?