I withdrew $ from a 529 college plan, but put it back since I didn't need it. I got a 1099-Q. Do I acknowledge this withdrawal on my taxes? How do I legally handle this?

I replaced the money I withdrew three days after taking it out after I decided to finance my son's college out of a personal loan, and save the 529 money for year 2.

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1 Best answer

New Member

Jun 3, 2019 1:25:38 PM

You will enter the withdrawal on your taxes and indicate that you rolled the money over (even if the deposit was back to the same account.)

New Member

Jun 3, 2019 1:25:38 PM

You will enter the withdrawal on your taxes and indicate that you rolled the money over (even if the deposit was back to the same account.)

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I withdrew $ from a 529 college plan, but put it back since I didn't need it. I got a 1099-Q. Do I acknowledge this withdrawal on my taxes? How do I legally handle this?