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P
Perspective
Level 2
July 7, 2020
Question

529 withdrawal for high school expense

  • July 7, 2020
  • 5 replies
  • 18 views

taxpayer used 529 money for high school expense for dependent. It was >than $10k so some is taxable but the taxable portion doesn't transfer to the Other Income worksheet. Why?

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5 replies

sjrcpa
sjrcpa
Level 15
July 7, 2020

What is the basis in the amount withdrawn?

The more I know the more I don’t know.
    P
    PerspectiveAuthor
    Level 2
    July 7, 2020

    Distribution $11807, allowed expense $110000, basis $8613, earnings $3193, taxable amount $489 and there should be a 10% penalty.

    P
    PerspectiveAuthor
    Level 2
    July 7, 2020

    allowed expense $10000 sorry for the typo

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