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Level 3

MD 529 distribution

IF I took more than the $10,000 allowable distribution (K-12 private school), to pay for part of my child's private school tuition, then received a scholarship.  How much in taxes do I pay for the earnings?

Is there a penalty?

For example, I took $15,000 more than allowed, then received a scholarship for $12,245.

 

Thank you!!