https://ttlc.intuit.com/community/taxes/discussion/can-i-income-average-misc-income-reported-on-1099-q/01/382840#M158539 <P>My son's grandfather contributed to a Michigan Qualified Tuition Program and has since died.&nbsp; My son took the distribution but did not use the proceeds for education. My son is unemployed and has no other income.&nbsp;<BR /></P> Tue, 04 Jun 2019 01:44:30 GMT Richard-S 2019-06-04T01:44:30Z https://ttlc.intuit.com/community/taxes/discussion/can-i-income-average-misc-income-reported-on-1099-q/01/382840#M158539 <P>My son's grandfather contributed to a Michigan Qualified Tuition Program and has since died.&nbsp; My son took the distribution but did not use the proceeds for education. My son is unemployed and has no other income.&nbsp;<BR /></P> Tue, 04 Jun 2019 01:44:30 GMT https://ttlc.intuit.com/community/taxes/discussion/can-i-income-average-misc-income-reported-on-1099-q/01/382840#M158539 Richard-S 2019-06-04T01:44:30Z https://ttlc.intuit.com/community/taxes/discussion/no-that-is-something-available-for-farmer-and-fishermen/01/382841#M158540 <P><B>&nbsp;No,</B> that is something available for Farmer and Fishermen, in case they get a really good year, but not for the situation your son is in.&nbsp;</P><P>I would assume you were given options to roll the funds over to another account, but again, they would have had to be earmarked for education.&nbsp;</P><P>The taxable portion will only be on the earnings, but he will also be assessed a penalty tax since it was not used for school.&nbsp;</P><P></P><P> <A rel="nofollow" href="https://www.irs.gov/pub/irs-pdf/p970.pdf" target="_blank">CLICK HERE for IRS Pub 970 Tax Benefits for Education</A> </P><BR /><P></P> Tue, 04 Jun 2019 01:44:31 GMT https://ttlc.intuit.com/community/taxes/discussion/no-that-is-something-available-for-farmer-and-fishermen/01/382841#M158540 KrisD 2019-06-04T01:44:31Z