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mikedillman100
New Member

I paid a tuition installment for my daughter out of my savings account and then got reimbursed from the 529 plan. I got a 1099-Q in my name. Do i report that on MY return

In order to make the payment to the college on time, I paid it from my savings but then used the "reimburse me" feature of the Ohio Tuition Trust Authority College Advantage program.  In previous years, when we paid the college directly from the 529 plan, the 1099-Q was in my daughter's name, but this time it is in my name. Just wanting to make sure I report this correctly.
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Hal_Al
Level 15

I paid a tuition installment for my daughter out of my savings account and then got reimbursed from the 529 plan. I got a 1099-Q in my name. Do i report that on MY return

You are allowed to reimburse yourself with 529 plan money and still get the 529 plan tax benefits. You do report the 1099-Q on your return.

For 529 plans, there is an “owner” (usually the parent), and a “beneficiary” (usually the student dependent). The "recipient" of the distribution can be either the owner or the beneficiary depending on who the money was sent to. When the money goes directly from the Qualified Tuition Plan (QTP) to the school, the student is the "recipient". The distribution will be reported on IRS form 1099-Q. The 1099-Q gets reported on the recipient's return. The recipient's name & SS# will be on the 1099-Q. You have the choice of having the plan send to money to you, the student-beneficiary or the school.

For more detail on hoe to report it, see https://ttlc.intuit.com/questions/2662573-where-do-i-enter-1099-q?jump_to=answer_4402991

View solution in original post

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Hal_Al
Level 15

I paid a tuition installment for my daughter out of my savings account and then got reimbursed from the 529 plan. I got a 1099-Q in my name. Do i report that on MY return

You are allowed to reimburse yourself with 529 plan money and still get the 529 plan tax benefits. You do report the 1099-Q on your return.

For 529 plans, there is an “owner” (usually the parent), and a “beneficiary” (usually the student dependent). The "recipient" of the distribution can be either the owner or the beneficiary depending on who the money was sent to. When the money goes directly from the Qualified Tuition Plan (QTP) to the school, the student is the "recipient". The distribution will be reported on IRS form 1099-Q. The 1099-Q gets reported on the recipient's return. The recipient's name & SS# will be on the 1099-Q. You have the choice of having the plan send to money to you, the student-beneficiary or the school.

For more detail on hoe to report it, see https://ttlc.intuit.com/questions/2662573-where-do-i-enter-1099-q?jump_to=answer_4402991

View solution in original post

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