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I have a question about how to report a 1099-Q distribution
I have a question about how to report a 1099-Q distribution from a Coverdell account. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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If we started a 529 college plan, and the money was not used
If we started a 529 college plan, and the money was not used for education expenses, would we only pay a 10% penalty on the interest earned if we cashed out? Is there a time frame where we can cash ou… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I set up a 529b plan for my kids. One of them decided not to
Hi- I set up a 529b plan for my kids. One of them decided not to pursue higher education and would like to use the funds to start a business. Can I transfer ownership of the fund to him? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
I received a 1099-Q this year from a qualified tuition plan.
I received a 1099-Q this year from a qualified tuition plan. I am the account owner and my daughter is the beneficiary. All of the distributions were used for qualified expenses for my daughter. Unfor… read more
Lev
Lev
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30,472 satisfied customers
Have just got a TAx letter, they are taxing my 529
have just got a TAx letter, they are taxing my 529 withdrawals … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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I have a 529 account set up education and payed for
I have a 529 account set up for kids education and payed for daughters tuition and fees for college she is 19 and has part time job and will file taxes for the first time this year. I received 2 1099Q… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
Robin, one more question. I have a 1099-q boys 529 plan. my
Robin, one more question. I have a 1099-q for my boys 529 plan. my boys were living on their own this year and filed their own taxes so I can not claim them although we did pay for their school. we cl… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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my daughter will be filing her own return due to 529 plan withdrawal.
my daughter will be filing her own return due to 529 plan withdrawal. does that mean that we do not enter any of her education information on our return?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
Wendy, I am reading the conversation regarding 1099Q with Customer
Wendy, I am reading the conversation regarding 1099Q with Customer and I am still confused. My daughter, whom we had purchased the Texas Tomorrow Fund years ago is now receiving the payments for her T… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
23 year old full time student has $1,500 from earned income
23 year old full time student has $1,500 from earned income (W2), money in an investment account, rec'd 529 distribution and scholarship for college. He did not support himself from "earned" income, b… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,472 satisfied customers
A college student who is claimed by his parents receives a
A college student who is claimed by his parents receives a 1099-Q (in his SSN) which reflects earnings of 3,104 on a distribution from his 529 account. He is both the recipient & beneficiary on the 10… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
I have a "Qualified Tuition Program" 529 Plan for my dependent
I have a "Qualified Tuition Program" 529 Plan for my dependent daughter and she is the beneficiary. I have no yet taken out money from that plan but if I am forced to take out money from that plan to … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
Good Morning! I am looking at this response below you provided
Good Morning! I am looking at this response below you provided 7 years ago (that is amazing & you are still doing this) & want to make sure I am correct. I took $10,000 from our education IRA for our … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
Two dependents, both attended local university during 2013,
Two dependents, both attended local university during 2013, both full time students - Received 1099-Q's in their name. The 1099-Q's are from a state guaranteed tuition program. I Have 1098-T's in thei… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
I set up 529 plan for my son who is the designated beneficiary
I set up 529 plan for my son who is the designated beneficiary but I cashed out the fund for non-educational expenses. And then a 1099Q is received for a distribution from a 529 plan. The recipient's … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
A 1099Q is received for a distribution from a 529 plan where
A 1099Q is received for a distribution from a 529 plan where the funds were used to pay a dependent child's college tuition. The recipient's ssn on the 1099Q is the parent's & block 6 is checked, as t… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
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We funded a Florida Prepaid Account for my daughter about 6
We funded a Florida Prepaid Account for my daughter about 6 years ago. She's now attending college. I've seen some sites saying we can't take an education credit if the tuition was paid out of this ac… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My dependent child who is a college student used student loans
My dependent child who is a college student used student loans was given $20,000 by her uncle who placed it in a college invest account. She used some of it last fall. Do I have to report this on my t… read more
Wendy Reed
Wendy Reed
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