1099-Q - reporting tuition refund for dropped course

lynfyfe — Thu, 06 Jun 2019 09:25:31 GMT

We paid our son's winter 2017 tuition from a 529 plan in November of 2016 (the due date) and the university credited the payment in December 2016. In January 2017, he changed his schedule which resulted in a partial tuition refund from the university in February 2017. We did not reinvest the refunded money into the 529 plan, because we intend to use it toward spring 2017 college expenses. Do I need to report the refund on my 2016 return since the refund was not issued till 2017? (I am the recipient of the 1099-Q)

No. You do not need to change your 2016 return (unless yo...

Hal_Al — Thu, 06 Jun 2019 09:25:33 GMT

No. You do not need to change your 2016 return (unless you want to).

You have the option of doing what you plan, applying the refund to 2017 expenses. But, keep in mind that since you claimed a tax benefit in 2016, you cannot use that same money to claim a tax benefit in 2017 (neither a tuition credit or a new 529 plan distribution)

topic 1099-Q - reporting tuition refund for dropped course in Education

1099-Q - reporting tuition refund for dropped course

No. You do not need to change your 2016 return (unless yo...