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1099-Q - 529 Plan - Why is the Gross Distribution showing up as Miscellaneous Income for me?
I received a 1099-Q form for 2020. I have a 529 Plan for my daughter who is beneficiary. However, when I pay her tuition I withdraw the funds from the 529 plan into my checking account and I pay her tuition directly to school. It appears that I am going to be taxed on this distribution as it appears as miscellaneous income for me and I am not sure why that is the case. Any advice would be greatly appreciated. Thanks
March 6, 2021
6:56 PM