Q. So I can put that $18,511 on my son's tax return and pay the necessary taxes on that?
A. No. The 1099-Q is in your name (you are the recipient), so you can't report the earnings on his return.
Furthermore, you don't want to. Taxable 529 earnings are unearned income and the student does not get a full $13,850 standard deduction. The kiddie tax will kick in early.
You first want to make $11,350(+/-) of his scholarship taxable (but not actually taxed) on his return to reduce the taxable portion of the 529 on your return.
