shf1957
Level 7
02-07-2023
01:27 PM
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Parents have 2 twin boys in college. Parents claimed both boys. The college tuition were roughly 6000 and scholarships were roughly 4000 for each son. The earning on each of the 1099Q was roughly $1500 each. The tuition credit on the 1040 for both together was $2558. My main question is, am I doing something wrong because the 1040 on line 8 is making the full amount of the 1099Q's taxable? I understand the 1099Q stated the father is not the designated beneficiary.. but he is the one claiming the boys and paying for their college. THANK YOU IN ADVANCE for any prompt help with ths.
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