Q is for 1099-Q. If you are the owner of a qualified tuition program (QTP) (like a section 529 plan or a Coverdell ESA), you should receive a federal form 1099-Q, Payments from Qualified Education Programs, when funds are withdrawn in order to pay qualified education expenses of the beneficiary. The form 1099-Q will include…
It’s common to think about education expenses as they relate to fresh-faced college students just starting out – but what about the rest of us? Can you deduct the cost of an education when you’re not pursuing a degree or certificate for your first career? You might. Under some circumstances, you may be able to…
You may be able to deduct qualified tuition and related expenses that you pay for yourself, your spouse, or a dependent, as a tuition and fees deduction. The deduction can reduce the amount of your income subject to tax by up to $4,000 so long as your modified adjusted gross income (MAGI) is not more…
Taxpayer asks: I hope you can suggest a course of action for what I believe is a 1098-T form error. The college is a public college. The 1098 provided does include the following items: Tuition, Activity Fee, Technology Fee, and College Fee. I have read IRS Pub 970 several times and in particular pages 34…
