How can report 529 distributions for the previous year? I have distributed college expenses for the previous year on Jan 2 of next calendar year. How can I report them?

[CarolC]

Report the distributions in the tax year listed on your Form 1099-Q, Payments From Qualified Education Programs.  Keep records of your expenses that align with each distribution from the plan.

As long as the earnings and basis of the amount withdrawn were used for qualified education expenses, the distribution is tax-free.  See this TurboTax article Information on 529 Plans for additional details.

Note:  529 Plans are very liberal in what qualifies as an education expense.  Room and board qualify too.  

See the TurboTax FAQ below for steps on entering Form 1099-Q.  Click "See entire answer" for the full page view.

https://ttlc.intuit.com/replies/5113308

[annabarh]

Thank you for your answer. Let me clarify. I have spent around $20,000 in college expenses for calendar year 2016. However, i have distributed this amount on January 2 2017 and therefore i don't have 1099Q for this amount. In 2017 I am planning to spend another $20,000 for college. Are saying that i should not claim college expenses on 2016 return but instead claim expenses for both calendar years ($40,000 for 2016 and 2017) on 2017 return?