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How do we report the final distribution of $40 from our daughter's 529 Plan and no 1099Q was received?
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June 3, 2019
12:34 PM
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Education
You mention "Final distribution" - did you or your daughter exhaust (use up all) of §529 Plan for Qualified Education Expense or did you simp[ly close the account when there would be no further need because there would be no future expenses applicable?
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What to do with §529 Education Savings Plan Form 1099-Q
If the Qualifed Education Expenses for which you took the §529 Plan distribution (withdrawal) were greater than the amount received, then there is nothing to report.
- (§529 Plan Distribution - minus - Education Expense) <0 [negative] then no tax reporting required **
** If Form 1099-Q received, still no requirement to report but keep records in case of inquiry
- (§529 Plan Distribution - minus - Education Expense) >0 [positive] tax reporting required and possible tax liability
If you must report Form 1099-Q because the Distribution was in excess of allowable expenses,
=> https://ttlc.intuit.com/questions/3060986-where-do-i-enter-a-1099-q
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NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
June 3, 2019
12:34 PM