I have the same question. Specifically, does the beneficiary report the 529 to Roth IRA transfer or the account owner report the transfer?
I have two 529 accounts for my two sons. I executed transfer for each of their 529 accounts into their Roth IRA accounts. The custodian of the accounts, Fidelity, issued two 1099-Q forms for the transfers in my account.
1. One is address to my son with his SSN, and box 6 of the form is unchecked (meaning recipient is the designated beneficiary).
2. The other one is address to me, the account owner, with my SSN, and box 6 of the form is checked (meaning the recipient is NOT the designated beneficiary).
One of these forms must be incorrect.
It made me wonder who should report the transfer in TurboTax. Me, the 529 account owner? Or my sons, the beneficiaries of the 529 accounts and the owner of the Roth IRA accounts?
Thanks.
