Thank you in advance for any useful advice on this issue.
Here's the situation and then the question: I'm the recipient (trustee) of my two kids' 529 plans (each has his/her own plans). While one kid is still a dependent and I claimed under me and my wife's joint filing, the older kid doesn't qualify as a dependent, at least from tax purposes (not in reality). When completing the 1099-Q info asked in my older (non-dependent) child's tax return, TT said the recipient (i.e., me) owes taxes on that 1099-Q withdrawal. Here's the question: I'm not sure where do enter that info (earnings from the older child's 1099-!) in my tax return; your help is appreciated.
Please note that all withdrawals are qualified and were used to pay for my child's college expenses (was not enough but still very helpful).
Thank you!
Best wishes,
-Sanjib
