- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Can I Income Average Misc Income reported on 1099-Q?
My son's grandfather contributed to a Michigan Qualified Tuition Program and has since died. My son took the distribution but did not use the proceeds for education. My son is unemployed and has no other income.
Topics:
June 3, 2019
6:44 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
No, that is something available for Farmer and Fishermen, in case they get a really good year, but not for the situation your son is in.
I would assume you were given options to roll the funds over to another account, but again, they would have had to be earmarked for education.
The taxable portion will only be on the earnings, but he will also be assessed a penalty tax since it was not used for school.
CLICK HERE for IRS Pub 970 Tax Benefits for Education
June 3, 2019
6:44 PM