Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
Jhaan
New Member

I transferred money from a traditional stock fund into a 529 account for my childs college fund. I am being penalized for the gain on my federal taxes. Is this correct?

 
2 Replies
Rainman12
Level 10

I transferred money from a traditional stock fund into a 529 account for my childs college fund. I am being penalized for the gain on my federal taxes. Is this correct?

Yes. Transfer = sale.

TomYoung
Level 13

I transferred money from a traditional stock fund into a 529 account for my childs college fund. I am being penalized for the gain on my federal taxes. Is this correct?

Depending on your state of residence and the plan chosen you might get some state income tax benefit for the contribution.
Dynamic AdsDynamic Ads
Privacy Settings
v