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Level 1
January 21, 2023
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529 Plan 1099-Q box 6 checked, but I am the beneficiary

  • January 21, 2023
  • 1 reply
  • 30 views

Both of my sons have 529 accounts.  My oldest started college and his tuition was paid for by the 529 and he has a 1099-Q, so all good there.  He dropped out and chose not to pursue college.  I am enrolled in a Masters program at 46 years old.  I established a 529 account for myself, transferred some of the funds in my account and distributed them to myself to cover my 2022 tuition.  My 1099-Q shows I am the recipient but box #6 is checked that I am not the beneficiary.  When entering the 1099-Q for myself, the software alerted me that essentially box 6 should not be checked if I am the beneficiary and to consider correcting either by removing myself as the beneficiary or unchecking box 6 (but the box is present as checked on the form).  What do I need to do?  Move forward despite the warning?

    Best answer by Hal_Al

    You need to ask the Plan (Payer Trustee) to give you a corrected 1099-Q.  It sounds like the transfer (rollover) of funds from your son's account to yours may not have been done right.  Be sure you took the distribution from the correct account. 

    1 reply

    Hal_Al
    Level 15
    Hal_AlLevel 15Answer
    Level 15
    January 21, 2023

    You need to ask the Plan (Payer Trustee) to give you a corrected 1099-Q.  It sounds like the transfer (rollover) of funds from your son's account to yours may not have been done right.  Be sure you took the distribution from the correct account.