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You can call your plan administrator, make a request online, or submit a withdrawal request form. The plan can send withdrawals by check to the account owner, the beneficiary, or the school. You can transfer the money to yourself or the beneficiary electronically and then make payment to the school.
Who reports 1099-Q, parent or student?
The person who reports the form depends on who received the distribution. If the funds were sent directly to the beneficiary, school, or student loan provider for the students benefit, the student reports it. If the distribution was made to the parent (i.e., the account owner), then the parent reports it.
Does the IRS audit 529 distribution?
Lastly, although the IRS can audit a students return to verify that 529 plan earnings distributions were properly excluded from income, they dont seem to do this very often.
What is the form for 529 distributions?
Form 1099-Q is received by someone who has taken money out of a 529 plan or a Coverdell ESA and designates someone as the beneficiary. Qualified education programs include 529 plans and Coverdell ESAs, which allow tax-free growth if the money is used for qualified education expenses.
What is the form 5329 for 529 plan?
If you take an early withdrawal from your IRA or 401(k), complete Part 1 or 2 of Form 5329 to calculate possible IRS penalties or request a penalty waiver. Use Form 5329 to report withdrawals from a 529 plan or Coverdell education savings account (ESA) not used to pay for qualified educational expenses.
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If you received a non-qualified distribution, the earnings that are reported on the 1099-Q must be included in taxable income on your federal income tax return.
Do you need receipts when withdrawing from a 529 account?
Withdrawals may be made individually or systematically. You can pay the institution, send it directly to the beneficiary or reimburse yourself. Be sure to keep all receipts to substantiate qualification.
Related links
529 Plan: Payment Options: Pay Your Bill - Student Central
You can make a payment online using our eCheck option. If your 529 college savings plan cannot send the funds directly to you, they can mail a check to us.
About Form 1099-Q, Payments from Qualified Education
Sep 11, 2024 Information about Form 1099-Q, Payments from Qualified Education Programs, including recent updates, related forms, and instructions on how
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