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I have a 529 plan distribution of $10,000. Can I use $2,000…

I have a 529...

I have a 529 plan distribution of $10,000. Can I use $2,000 of it to receive the education credit and apply the remainder to the 529 plan epenses

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I only need to use $2,000 to receive a credit that reduces my taxes to 0. I'd like to apply the remaining $8000 towards the 529 expenses and bring that taxable amount to 0

Accountant's Assistant: Is there anything else important you think the Accountant should know?

The 1099q recipient is the father. The designated beneficiary is a non-dependent daughter

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Answered in 22 minutes by:
3/11/2018
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
Experience: Business Consultant/Accounting Manager
Verified
Hi. I think you may be asking if you can use the 529 plan moneys for college expenses and get the credit. Just confirming. A person cannot claim any of the college tax credits, including the AOTC, based on expenses that were used to calculate the tax-free portion of a distribution from a 529 college savings. Let me know if I am missing anything. Thank you.
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
Experience: Business Consultant/Accounting Manager
Verified
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Category: Tax
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