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529 rollover to ABLE account tax question

I (parent) am the 529 account owner. Rolled over $7000 from 529 to a beneficiaries' ABLE account since there were enough scholarships and grants that it won't be needed for educational expenses.  Assumed this was a tax-free roll over, but I (not beneficiary) rec'd a 1099Q. Do I have to enter this (earnings of $4910) on my tax return?  Or is this one of those situations where one simply doesn't enter the 1099 Q on the tax form? 

NOTE: student has used some of this money for ABLE eligible expenses but more than half remains in the 529 account. 

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1 Reply
Hal_Al
Level 15

529 rollover to ABLE account tax question

Q. . Do I have to enter this (earnings of $4910) on my tax return? 

A.  No.

 

Q. Or is this one of those situations where one simply doesn't enter the 1099 Q on the tax form? 

A. Yes

 

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