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Are the earnings from 1099-Q taxable?
2024 is the first year I got money out of my state sponsored 529. I received a 1099-Q to pay for tuition for my daughter. The 1099-Q is address to my name but I'm not the beneficiary as I used that money to pay for my daughter's education. Why TT takes the amount from box 2 as income? When I enter the amount from box 2 I can see my taxes increase considerable. The 1099-Q clearly states that the recipient is not the beneficiary.
March 9, 2025
3:41 PM