Thanks for asking your question! I'm sorry to hear about your tax
issue and I'm going to try my best to help you understand or resolve it.
Thank you for your question! IRS form 1099-Q
is payments from Qualified Education Programs. You do not owe tax on the $41,000 if you used the entire amount to pay for qualified educational expenses.
If you paid $41,000 or more for qualified educational expenses, you do not have to report anything from the 1099-Q on your tax return
. Keep it for your records.
So, the way to keep from being taxed on the $41,000 is to use the entire amount for qualified educational expenses.
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