Anonymous
Not applicable

Retirement tax questions

Thank you Sam. After further research, I found the following: "When 529 plan funds are used to pay for qualified education expenses there is usually nothing to report on your federal income tax return. Form 1099-Q and Form 1098-T will list the amount of the 529 plan distribution and how much was used to pay for college tuition and fees, but it is up to the 529 plan account owner to calculate the taxable portion." (My italics). I received the 1099-Q form as the 529 account owner, and I disbursed funds for qualified expenses only for non-dependent minors in K-12 private school. Based on this information, it would seem that there is no requirement to report the 1099-Q information on my return; I hope this information will be helpful to other grandparents who have used their 529 plans for only qualifying education expenses.