My son's grandfather contributed to a Michigan Qualified Tuition Program and has since died. My son took the distribution but did not use the proceeds for education. My son is unemployed and has no other income.
You'll need to sign in or create an account to connect with an expert.
No, 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.
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.
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.
CLICK HERE for IRS Pub 970 Tax Benefits for Education
No, 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.
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.
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.
CLICK HERE for IRS Pub 970 Tax Benefits for Education
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
rhalexda
Level 2
rmorganbmm-gmail
New Member
rhalexda
Level 2
mattsearfus-gmai
New Member
TomG6
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.