If I take a non qualified distribution from a 529 account, who has to report the income and 10% penalty? The beneficiary of the 529 or the owner of the 529?
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If I take a non qualified distribution from a 529 account, who has to report the income and 10% penalty? The beneficiary of the 529 or the owner of the 529?
posted
June 6, 20197:52 AM
last updated
June 06, 20197:52 AM
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If I take a non qualified distribution from a 529 account, who has to report the income and 10% penalty? The beneficiary of the 529 or the owner of the 529?
The person who's SS# as the recipient on the 1099-Q is responsible for the taxes and must report it on their return ... ask the plan administrator if you don't know who that is.
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