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Parent received 1099Q

Hi, I as parent received Form 1099-Q from my child's 529 saving plan.  What happened was earlier 2023, I paid for my child's tuition with my out of pocket money due to time sensitive.   I was told by the 529 Rep that it is ok to get reimburse for myself as long as in the same year.  Now my child also have the 1099-Q form (the money that I requested 529 paid directly to the school)  that when I entered it in Turbo Tax, it states "your 1099Q isn't taxable".   But when I entered my 1099-Q ( the money I reimbursed myself), it doesn't state that.  The difference between my form is I have a check mark on box 6, which states "If this box is checked, the recipient is not the designated beneficiary".  My question is, how do I enter in TT to make sure I don't get tax for this amount.  thanks.

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1 Reply
AmyC
Employee Tax Expert

Parent received 1099Q

Tuck it away with your tax records and proof that the money was used for education.  Your goal is to maximize the education credit if you qualify. Please read another post of mine for a potential increase in refund.

 

 IRS Publication 970, Tax Benefits for Education states:

If the entire 1099-Q went to qualified expenses, room and board, tuition, etc then you do not need to enter the form. Tuition paid for the first 3 months of the next year also qualify, see page 12, What Expenses Qualify, and page 52 for qualified distributions.

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