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Level 1
posted Jul 13, 2020 2:53:31 PM

1099 Q

I received 1099 Q under my name.  It's for my daughter education. She claimed independent to received stimulus check.  Do I have to count 529 withdraw  in my income tax? Please help.

 

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3 Replies
Expert Alumni
Jul 13, 2020 3:26:46 PM

If your daughter is your tax dependent or could be based on the rules, she was not eligible for the stimulus check and may need to return it. Most (but not all) full-time students under the age of 24 are dependents of their parents. 

 

If the 529 plan withdrawal was used only for qualified expenses and did not result in taxable income, it does not need to go on either return.  If it resulted in taxable income, it would be taxable on your daughter's tax return.

Level 1
Jul 14, 2020 11:43:08 AM

Thanks.  In my case,  my daughter insisted she wanted to be independent for income tax 2019, did not want to return $1200 stimulus check .  What should I do ?Can I not report form 1099 Q even though my name and my social security on that? Please help!!!

Expert Alumni
Jul 14, 2020 2:25:49 PM

Yes, you can leave it off if all of the funds were used for qualified expenses, regardless of whose name is on the form.