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Do I need to report the 1099-Q from a NY State 529 plan on my Federal Tax Return if the qualified expenses exceed my gross distributions?
I am in the process of doing my Federal Tax Return and I am stuck on an issue. I have paid over 16,000 in tuition, fees, and room and board for my son who is a college student. However, I did receive a 1099-Q from his state 529 plan for a gross distribution of 14,000. I don't believe that I need to report this on my Federal return. However, when I did.....it reduced my refund by a lot. Just need to know if I can NOT report the 1099-Q on the federal given the above. Thanks
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‎June 7, 2019
4:17 PM