My daughter has a 529 account , listed under my Vanguard account. She was a full time student with a part time job during 2019 ( I will be claiming her as a dependent). For the spring semester I had the distribution sent out in my daughter's name (who's bank account is also under my account as a sub account). In the Fall semester I had the distribution send out in my name. So we got two 1099-Q, one for each of us ( I realized now that I should have had them both sent out in the same name throughout the year). The money was used for qualified eduction expenses. Can I file both 1099-Q's under my tax return?
If the funds were used 100% for qualified educational expenses and none of the distribution is taxable, you are not required to list Form 1099-Q on either tax return. The IRS only requires that taxable distributions be listed on a return.
I suggest keeping Form 1099-Q along with your receipts for expenses in a file that is easily accessible for the next three years just in case you are asked for documentation. It is not often requested, but if it is then you will have it handy so that responding is quick and easy for you to do.
If the funds were used 100% for qualified educational expenses and none of the distribution is taxable, you are not required to list Form 1099-Q on either tax return. The IRS only requires that taxable distributions be listed on a return.
I suggest keeping Form 1099-Q along with your receipts for expenses in a file that is easily accessible for the next three years just in case you are asked for documentation. It is not often requested, but if it is then you will have it handy so that responding is quick and easy for you to do.