<bernardnewman[at]comcast.net> wrote:

- quote -

You don't. Just ignore the 1098-T; IRS does. The schools are uniformly
awful at getting the numbers right, and the IRS acknowledges that. That's
why you do your calculations from your records.

--
Phil Marti
Clarksburg, MD

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bernardnewman[at]comcast.net wrote:
- quote -

reconciliation. Any taxable amount would get reported by your
child on Line 21 of the 1040 if the child had a reporting
requirement. Page 55 of Pub 970 shows you how to determine if any
of the earnings received is taxable. This can be very easy or it
can get complicated if the child received scholarships, grants,
any other form of tax-free assistance including the Higher Ed.
Credits.

You said you paid for the first two semesters and withdrew an
amount to cover that and required equipment and books. Assuming
that there was no other tax-free assistance nor any tax credit
due to your income being too high, there is nothing to reconcile
as the amount withdrawn was all used to pay qualified expenses.

--
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On Jan 16, 12:37*pm, "Phil Marti" <prm20...[at]verizon.net> wrote:
- quote -

Sounds like good advice. I did look at Pub 970 but it's still not
clear what form to use to reconcile what I spent versus the 1098-T

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

<bernardnewman[at]comcast.net> wrote:

- quote -

The 529 gets reconciled on the beneficiary's return. See IRS Publication
970. Save yourselves some time and don't try to figure out the 1098-T. Use
your school account records.

Phil
--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Ok, my kid enrolled in Expensive University this fall. I paid for the
first two semesters and withdrew a similar amount (plus enough extra
to cover the cost of the required laptop and books) from her 529
account. How does this all get reconciled. On MY return (I think the
tax forms will come with her tax ID number) or on hers? She is a
dependent of mine and I am a high net worth individual.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >