The basis will not be taxable, but earnings will be taxed, and a 10% penalty if not used for education. From pub 570: 

Earnings and return of investment. You will receive a Form 1099-Q from each of the programs from which you received a QTP distribution in. The amount of your gross distribution (box 1) shown on each form will be divided between your earnings (box 2) and your basis, or return of investment (box 3). Form 1099-Q should be sent to you by January 31, 2024.