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1099q
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I typically recommend that they use 1099-Q distributions pay for room and board (including off campus living, subject to limitations) and other expenses that can not be claimed under AOC or LLC. It works out beautifully!
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TTB (pp 12-6, 12-7) explains this how this works and also the coordination between QTP withdrawals and education credits.
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Originally posted by Maude Lebowski View PostZero. The TP already got the tax benefit because the $3500 came from a 529 Plan (or QTP or Coverdell).
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Zero. The TP already got the tax benefit because the $3500 came from a 529 Plan (or QTP or Coverdell).
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