Who files 1098-T and 1099q?

The 1099-Q gets reported on the recipient’s return. Even though the 1099-Q is going on the student’s return, the 1098-T should go on the parent’s return, so you can claim the education credit.

What is the difference between a 1098 T and a 1099-Q?

The 1099-Q will have the SSN of the person to whom the distribution was paid. The 1098-T will have the student’s SSN. This is one of the reasons it is generally recommended to have distributions from your 529 plan paid directly to the student– matching makes it easy.

Who are the recipients of the 1099q and 1098t?

My kids are listed as recipient of the 1099Q’s (2), and I have their 1098T’s. Both are claimed as dependents, both are filing returns of their own, but the money came to us, and we paid their tuition. Who includes the 1099Q and 1098 T on the return?

Where does the 1099 Q go on the return?

The 1099-Q gets reported on the recipient’s return. The recipient’s name & SSN will be on the 1099-Q. Even though the 1099-Q is going on the student’s return, the 1098-T should go on the parent’s return, so you can claim the education credit.

Can a 1098-q go on a parent’s tax return?

Another TurboTaxPro says just the opposite: that a 1098-Q naming the dependent student as the recipient must go on her return, not the parent’s return. I am totally confused, and the choice I make probably has significant tax consequences. Could a TT person of authority please intervene and give us the correct information? Thanks!

Can a parent claim tuition credit on a 1099?

The recipient’s name & SS# will be on the 1099-Q. Even though the 1099-Q is going on the student’s return, the 1098-T should go on the parent’s return, so you can claim the education credit. You can do this because he is your dependent. You can and should claim the tuition credit before claiming the 529 plan earnings exclusion.