Form 1099Q

[Terry D EA]

Just thought I would check with my friends here for a confirmation of the following example: Client receives form 1099Q with amounts in Box 1 totaling 10,000.00. Client paid 10,260.89 in college expenses for his son. So, $260.89 can be used for form 8863 or tuition and fees correct?

[joanmcq]

Yes.

[Abby Normal]

You should read these examples first:

 

http://www.irs.gov/publications/p970/ch08.html#en_US_2014_publink1000178534

 

I've never had this situation arise.

[Terry D EA]

The examples given are not the same as my client. 10,000.00 was taken from a Coverdell savings account. No scholarships and the amount paid for the qualified expenses exceed the distribution so I don't see that any of the examples applies here. Thanks for alerting me to this.

[Jack from Ohio]

Just thought I would check with my friends here for a confirmation of the following example: Client receives form 1099Q with amounts in Box 1 totaling 10,000.00. Client paid 10,260.89 in college expenses for his son. So, $260.89 can be used for form 8863 or tuition and fees correct?

 

Yes.

Agree with Joan.  If it is the first 4 years of an initial Bachelors Degree, use AOC.