Skip to main content
Level 1
January 18, 2022
Question

how is this 529 plan withdrawal handled?

  • January 18, 2022
  • 1 reply
  • 18 views

Client's son graduated college in June and has been working full time and is filing on his own.  Since he is no longer a dependent,  how is the 529 withdrawal, taken in January 2021 to pay for the last semester of school , handled on the clients taxes?  The son is the 529 beneficiary but it was taken from the clients 529 account. 

This topic has been closed for replies.

1 reply

sjrcpa
Level 15
January 18, 2022

Client will get the 1099-Q.

They report on their 1040 that it was used for qualifying expenses.

The more I know the more I don’t know.