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Mom is my client and her 20 year old Dependent Daughter received a 1099-Q with DD's social security number. Do I include it on M's 1040? In Lacerte on screen 14 it only asks if it's for taxpayer or spouse, nothing for dependents so I am worried that IRS is not going to see the match up and end up sending DD a letter? How would you enter it? I have looked high and low and cannot find a definitive answer on who should report this.
Thank you!
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No, but maybe?
If the 1099-Q is taxable then it would probably go on the daughter's return (unless the form was prepared in error). If it's not taxable, I don't know Lacerte, but in ProSeries it would be part of the whole education credit casserole of which expenses get used for which tax benefit.
Rick
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"I am worried that IRS is not going to see the match up and end up sending DD a letter "
That happens anyway since there is no form to show here are the distributions and here is what I used for qualified expenses.
The more I know the more I don’t know.
