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Education
I am trying to determine dependency for my 20 year old son who is away at college. He works and pays for most of his incidentals and half of big things like car insurance etc. He is covered through our health care. However most of his support (tuition/living) came from 529 distribution - i found on line article that states disbursements are taxable on the student's taxes (if they are not used for qualified education expenses), and therefore these monies are considered part of the support that the student is covering. We would like to have him claim himself and continue to pay more and more of his expenses but i want to verify that what I found about 529 distributions is correct. Thank you!
‎February 10, 2021
5:23 PM