College 529 Question. Based on the following statement below being posted by Turbo Tax, does our child (our dependent) have to report the 1099-Q and 1098-T on their taxes since this statement below indicates we should report it on ours (the parents)?
"Turbo Tax Statement "Form 1099-Q reports distributions and benefits from Coverdell education savings accounts and 529 plans.
The 1099-Q is reported on the recipient's tax return (the person whose Social Security number is on the form). If the funds went directly to the school, consider the student as the recipient, and if the student is your dependent, you should enter the 1099-Q on your return."
Paula, our child is classified as a dependent. We will report the 1099-Q and 1098-T on our tax return.
Additional information. The forms all have her name and TIN referenced on them. Are we correct that you are saying that these 1099-Q and 1098-T forms will not be used at all on our child's taxes? Thank you!