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Transferring 529 money to a non-dependent child
So, daughter A has completed college, there is still about $1200 in her 529 account (actually it's a kickback from a CC). Daughter B (although older) is still in school working on a doctorate. She is no longer a dependent. Daughter B's tuition is covered by the university but she paying about $200 a month in fees and gets a 1098-T for these fees. I've already added daughter B as a beneficiary on the 529 and transferred money to this account.
Before I give it to her is there anything I'm missing here? She would still enter the 1098-T on her taxes. I can't remember at all if there is a need to show any amount that has come from a 529.
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‎December 11, 2024
3:25 PM