I'm the parent of a college student and I that took a distribution of 10,000.00 from my Maryland 529 plan. The 10,000.00 was used for the beneficiary's college tuition in 2019. If I enter the 1099-Q distribution of 10,000.00 using me as the recipient my tax refund is 5,418.00 but if I use my college daughter (beneficiary) as the recipient my tax refund is 6,819.00. Do I need to enter the 1099-Q data in my tax return? The difference is 1,401.00 so it does not make sense I would lose 1,401.00 by using a college savings plan I set up for my Childs college education.
Pleas advise -
Thanks,
