cki3456
Level 1
12-21-2021
06:29 PM
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Hello:
I have some questions about the 529 plan.
1) If I become permanently disabled, can I withdraw the principal only tax free (similar to a roth IRA where principal withdrawals are not taxed)?
2) If a disability withdrawal is taxed, is the entire withdrawal taxed or only the earnings?
3) Is the disability withdrawal subject to both state and federal taxes?
Thank You
qbteachmt
Level 15
12-21-2021
07:00 PM
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Which tax preparation program are you using for this client's tax return?
Are you using your tax preparer lesson materials? Are you using the IRS resources? Are you using the Web, such as:
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