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New Q: We are not withdrawing more,the payments go directly to the school for the payment of his tuition. Does that mean that we do not pay a penalty?
Previous answers to original questionYou are not taxed twice. The 1040 line 6 is the tax on the distribution. The 5329 is the 10% additional penalty.
If
your child withdraws more than the amount of QEE, then the earnings
portion of that excess is subject to income tax and an additional 10%
penalty tax.
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‎June 3, 2019
12:03 PM