I have accidentally withdrawn a wrong amount from my son's 529 plan to my bank account and then later put transferred the full amount back within 60 days to the original 529 plan. I then later withdrew the right amount from my son's 529 plan to his bank account to pay for his tuition. I got one 1099-Q under my name and one 1099-Q under my son's name.
Q1: Since the first withdrawal was put back to the original account immediately, it shouldn't incur any tax or penalty; however, I still got the 1099 -Q under my name, how do I deal with it when doing the tax return? Q2: The 2nd 1099-Q was under my son's name. Should I file it under my tax return? We are eligible to claim for the American Opportunity credit. By the way, my son didn't have any income to file for any tax return.
Thanks for your help!
