Solved: How do we report the final distribution of $40 from our daughter's 529 Plan and no 1099Q was received?
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How do we report the final distribution of $40 from our daughter's 529 Plan and no 1099Q was received?

 
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How do we report the final distribution of $40 from our daughter's 529 Plan and no 1099Q was received?

You mention "Final distribution" - did you or your daughter exhaust (use up all) of §529 Plan for Qualified Education Expense or did you simp[ly close the account when there would be no further need because there would be no future expenses applicable?
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What to do with §529 Education Savings Plan Form 1099-Q

If the Qualifed Education Expenses for which you took the §529 Plan distribution (withdrawal) were greater than the amount received, then there is nothing to report.

  • (§529 Plan Distribution - minus - Education Expense)  <0 [negative]  then no tax reporting required **
            ** If Form 1099-Q received, still no requirement to report but keep records in case of inquiry

  • (§529 Plan Distribution - minus - Education Expense)  >0 [positive]   tax reporting required and possible tax liability
    If you must report Form 1099-Q because the Distribution was in excess of allowable expenses, 
      =>   https://ttlc.intuit.com/questions/3060986-where-do-i-enter-a-1099-q

https://turbotax.intuit.com/tax-tips/college-and-education/guide-to-irs-form-1099-q-payments-from-qu...



Scruffy Curmudgeon
PFFM, IAFF, Locals 718 & 30, retired firefighter/medic; university faculty - Strategy & Quantitative Methods Med-M&M, Law discriminatory statistics, Med & PH - epidemiology statistics;
USAR 64-67 AIS/ASA MOS 9301 O3
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Highlighted
Level 9

How do we report the final distribution of $40 from our daughter's 529 Plan and no 1099Q was received?

You mention "Final distribution" - did you or your daughter exhaust (use up all) of §529 Plan for Qualified Education Expense or did you simp[ly close the account when there would be no further need because there would be no future expenses applicable?
--------------------------------------------------------------------------------------------------------------------------------------

What to do with §529 Education Savings Plan Form 1099-Q

If the Qualifed Education Expenses for which you took the §529 Plan distribution (withdrawal) were greater than the amount received, then there is nothing to report.

  • (§529 Plan Distribution - minus - Education Expense)  <0 [negative]  then no tax reporting required **
            ** If Form 1099-Q received, still no requirement to report but keep records in case of inquiry

  • (§529 Plan Distribution - minus - Education Expense)  >0 [positive]   tax reporting required and possible tax liability
    If you must report Form 1099-Q because the Distribution was in excess of allowable expenses, 
      =>   https://ttlc.intuit.com/questions/3060986-where-do-i-enter-a-1099-q

https://turbotax.intuit.com/tax-tips/college-and-education/guide-to-irs-form-1099-q-payments-from-qu...



Scruffy Curmudgeon
PFFM, IAFF, Locals 718 & 30, retired firefighter/medic; university faculty - Strategy & Quantitative Methods Med-M&M, Law discriminatory statistics, Med & PH - epidemiology statistics;
USAR 64-67 AIS/ASA MOS 9301 O3
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View solution in original post

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