- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
529 earnings taxable?
Hello
I received a payment/withdrawal from my 529 to pay for my son's college tuition and room/board. The 1099-Q shows a basis and earnings. When in Turbo Tax I seem to be taxed on the earnings from the 529(?) But those should be tax-free as long as they are used for qualified expenses. When I put in the tuition expenses, it appears to deduct from the tax owed, but not when I enter the room/board expenses. What am I missing? I shouldnt be taxed on any of the 529 payments as long as I use them for qualified expenses (which his tuition and room/board is).
Thanks
‎February 10, 2024
2:46 PM