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Turbo Tax Says Parent Owes 1099-Q Disbursement
The parent received a $10k disbursement from a 529 plan.
Basis $6812
Earnings $3187
The daughter (Student) had $18000 in education expenses. Why is Turbo tax adding $1500 to the parent in a tax that needs to be paid. If i say the receipeient is the daughter then TT is saying the daughter needs to add $3187 on their tax form as income.
I thought 529's were tax free if used for higher education expenses, these were.
March 10, 2024
5:14 PM