Hello toniateaka,
Thanks for joining the event!
You will receive a 1099-Q for the distribution you take from the 529 plan. If this distribution is not greater than the qualifying education expenses for the student, you do not need to report any of this distribution as income on your tax return.
However if there are not sufficient education expenses, you may have taxable income on the earnings (box 2 of the 1099-Q). Amounts of education expenses paid for with proceeds from the 529 plan are not eligible for educational tax credits.
529 plan and 1099-Q
I hope that helps!
JanetB211
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