Leila1942
New Member

Retirement tax questions

As I understand - You can withdraw funds from a custodial account for educational purposes - tax free.

 

Grandchildren withdrew funds from the custodial account - used to pay college tuition.

 

How the grandchildren report this on their tax return.    1099 from Charles Schwab shows the withdrawal.        How do I deduct use for tax-deferred college tuition on tax return - and withdrawal not subject to taxes.

 

thanks for help