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Section 529 distribution
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Mike P
Level 1
03-17-2021
07:57 AM
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Can you split a section 529 distribution between two dependents when the 1099-Q identifies only one FBO dependent? Their Broker said it did not matter if you split the distribution between dependents. I can not find a way to split the 1099-Q distribution.
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rbynaker
Level 13
03-17-2021
10:39 AM
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Not in my opinion. I've never seen a 529 plan with more than one beneficiary. You are allowed to change the designated beneficiary though, just have to jump through the right hoops. Maybe a partial rollover to a different account and then change the beneficiary on that account? Sounds like it's too late now, but there may still be time for 2021 and beyond.
From section 529 scroll way on down to (e)(3)(A):
https://www.law.cornell.edu/uscode/text/26/529#e_3_A
The term “qualified higher education expenses” means—
(i)tuition, fees, books, supplies, and equipment required for the enrollment or attendance of a designated beneficiary at an eligible educational institution
If the expenses were for someone other than the (a?) designated beneficiary then they are not qualified.
Rick
