Both of my sons have 529 accounts. My oldest started college and his tuition was paid for by the 529 and he has a 1099-Q, so all good there. He dropped out and chose not to pursue college. I am enrolled in a Masters program at 46 years old. I established a 529 account for myself, transferred some of the funds in my account and distributed them to myself to cover my 2022 tuition. My 1099-Q shows I am the recipient but box #6 is checked that I am not the beneficiary. When entering the 1099-Q for myself, the software alerted me that essentially box 6 should not be checked if I am the beneficiary and to consider correcting either by removing myself as the beneficiary or unchecking box 6 (but the box is present as checked on the form). What do I need to do? Move forward despite the warning?
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You need to ask the Plan (Payer Trustee) to give you a corrected 1099-Q. It sounds like the transfer (rollover) of funds from your son's account to yours may not have been done right. Be sure you took the distribution from the correct account.
You need to ask the Plan (Payer Trustee) to give you a corrected 1099-Q. It sounds like the transfer (rollover) of funds from your son's account to yours may not have been done right. Be sure you took the distribution from the correct account.
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