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4
470pitt
Level 4
May 15, 2021
Question

Form 1099Q

  • May 15, 2021
  • 2 replies
  • 0 views

When I put the 1099Q on the tax return the earnings are showing as income and he owes taxes.  He used all this money for college did I do something wrong

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2 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
May 15, 2021

You need to scroll down the student expenses worksheet to the 1099Q section and be sure youve got the expenses allocated to those monies first.  I dont have my program open right now, so I cant give you a screen shot, but I know the area is in there!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    4
    470pittAuthor
    Level 4
    May 15, 2021

    I did put the tuition amount but it is taxing the earnings and charging the 10% penalty

    4
    470pittAuthor
    Level 4
    May 15, 2021

    when you have time can you please screen shot me the form ThankYou

    Accountant-Man
    Accountant-Man
    Level 13
    May 16, 2021

    Of course you know that expenses paid from 529 plans include more than just tuition and fees?

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