- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Education
Unfortunately, since you withdrew the $14,0000 in 2019, the portion that did not go to pay qualified education expenses in 2019, will be subject to taxes and penalty to the extent it was gain. You cannot apply your 2019 withdrawal to 2020 payments. The amount of your distribution used to pay tuition should match the tuition reported on Form 1098-T. Form 1098-T includes tuition and related fees, but does not include other qualified 529 plan expenses, such as room and board, computers and internet access or K-12 tuition.
You do have 60 days to roll the funds not spent on qualified expenses into the same or another 529 plan to avoid taxes and penalty
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎February 20, 2020
6:51 PM