- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
529 distribution being taxed
I'm preparing for my daughter's 1040 return. For 2019, she has income of $7,000. She is a full-time college student. Her tuition last year was $49,000,scholarship $26,000, 529 distribution $23,000 (earnings $16,000 and basis $7,000). Since all 529 distributions were used for tuition only (not room and board), why does turbo tax show she has to pay $1,000 in taxes when she should be getting a refund?
‎February 17, 2020
10:36 AM