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jon-leach
New Member

For a 1099-Q, I reported me(parent) as the recipient. I later noticed the form says "FBO" and lists my daughter's name. Should I have not listed myself as recipient?

 
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1 Reply
AmyC
Expert Alumni

For a 1099-Q, I reported me(parent) as the recipient. I later noticed the form says "FBO" and lists my daughter's name. Should I have not listed myself as recipient?

It depends. If all of the 1099-Q went to 529 qualified Room and Board  and Qualified Education Expenses - Internal Revenue Service then there is nothing taxable and nothing to report. A nontaxable transaction should not be entered.  IRS Publication 970, Tax Benefits for Education states:

Page 45: Don't report tax-free distributions (including qualifying rollovers) on your tax return.

 

If there is taxable income, you get to enter it.

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