529 Education Savings plan and the 1099Q form

[jlaughlin1]

My daughter Mary has a 529 College Savings plan that was set up by my brother.  Mary's SSA# appears on the 1099-Q and she does file a tax return; however, she is still claimed on my husband and I's joint return as a dependent.  If all the 529 payments were used to pay eligible education expenses, does the info on the 1099-Q need reported?  If so, who reports it and where is it reported on the tax return?  Thank you.

[MinhT · Accepted solution]

If all the 529 withdrawals are used to pay for qualified education expenses (including room and board), you do not need to report form 1099-Q on the beneficiary's tax return. You just keep the form 1099-Q and proof to show that withdrawals were used to cover education expenses with your tax records.

Please read this TurboTax article for more information:

https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Forms/Guide-to-IRS-Form-1099-Q--Payments-from...