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- 1099-Q Amounts Coming in Taxable - Where to offset with Expenses?
1099-Q Amounts Coming in Taxable - Where to offset with Expenses?
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tccpg289
Level 4
yesterday
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Taxpayer has 1099-Q totaling $60k and 1098-T totaling $30k
It is creating a taxable event since the 1099-Q is greater than the 1098-T, and there are some earnings on the 1099-Q.
Where do I enter additional expenses in ProSeries (i.e. room and board) to offset the income received from the 1099-Q to ensure it isn't taxable?
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jeffmcpa2010
Level 11
yesterday
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There may be eligible expenses that are beyond what is reported on the 1098-T.
Page down on the Student information worksheet until you get to part VI
