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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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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.
