benmazz
New Member

1099-Q Non-Dependent Confusion

Hi, I am a non-dependent (filing married jointly) student. Me and my parents' concern is regarding the 529/1099-Q section under deductions & credits. I am the beneficiary of the 529 account, but by default my father is the recipient/account owner, meaning the physical 1099-Q is in his name.

 

If I select that the recipient is someone else not listed but that I am the beneficiary, and he selects that he is the recipient, but the beneficiary is someone else not listed, what, if any, consequences/redundancies could occur? We need to know whether or not this would cause a problem so that we can have the 1099-Q recipient name altered before due if it would not be acceptable. My father is under the impression that we could not pursue the first option and that the only solutions would be for us to get the recipient name corrected or for my spouse and I to file married separately (which would greatly affect our education credits).

 

Also, I see some forum posts discussing if there is even a need to report this information, and I would appreciate if that could be elaborated in conjunction to my situation. Thank you so much in advance, we are a bit stressed out about the situation.