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529 MO Distribution/Took out too much/How do I enter on Taxes
Hello,
I took out too much for our 529 distributions in 2021. I accidentally took out 10K twice from each kids' 529 (so a total of 20K per kid) to pay for private secondary school, when the allowed amount is only 10K. This had to do with our 2020 distribution being processed in January 2021 instead of December 2020 and I didn't notice that I'd done two withdrawals until I got the 1098-Q. For Missouri taxpayers, 10K per child is allowed for secondary expenses. How do I account for the other 10K? Do I call it an unqualified distribution?
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‎February 15, 2022
8:02 AM