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- how is this 529 plan withdrawal handled?
how is this 529 plan withdrawal handled?
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Bostonian
Level 1
01-18-2022
01:53 PM
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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.
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1 Comment 1
sjrcpa
Level 15
01-18-2022
02:26 PM
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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.
