Form 1099Q

[470pitt]

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

[Just-Lisa-Now-]

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!

[470pitt]

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

[470pitt]

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

[qbteachmt]

Here is your Help article:

https://proconnect.intuit.com/community/form-1099-q/help/1040-entering-information-from-form-1099-q/...

[470pitt]

Lisa

You are so knowledgable about everything and your help is great but I am still having trouble with this 1099Q.  Because the 1099Q is in the students SS number I am reporting on his return, however, it is taxing the earnings and a 10% penalty.  He used all this money for college what am I doing wrong.  It is crunch time and they just dropped there taxes off. Thank You

[dkh]

If they just dropped their taxes off.....file an extension.   I don't let my clients procrastination give me high blood pressure trying to cram their return into the last minutes of the filing deadline.

[taxiowa]

I take it the parents are claiming the child and claimed an education credit for the taxpayer.  Then you need to enter the student worksheet like what was done on the parents.  Then link the 1099-Q to that worksheet.  On the worksheet you have to designate that $4,000 was used by parent in figuring their AOC.  Then the left over expenses should eliminate the earnings from 1099-Q.  Remember to add room & board to students worksheet.

[Accountant-Man]

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

[470pitt]

I am still so confused about the 1099Q can you help

[taxiowa]

Did you enter the 1098-T on the students return?  Did you fill out the student info worksheet on the students return?