For 1099Q, box 4 checked as Trustee to Trustee transfer from regular 529 Plan to 529ABLE; I believe I don't need to report that in my 1040. Am I right?

Indraniwaty · ‎March 7, 2023

Transfer from son's regular 529 Plan to daughter's 529ABLE.

LindaS5247 · ‎March 7, 2023

For most qualified education program beneficiaries, the amounts reported on the 1099-Q aren’t reported on a tax return.

You don't need to report the distribution on your return. Retain the Form 1099-Q for your records. You may qualify to take a credit or deduction for your expenses. You should receive a 1098-T for these expenses.

Click here for additional information on Form 1099-Q.

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View solution in original post

LindaS5247 · ‎March 7, 2023

For most qualified education program beneficiaries, the amounts reported on the 1099-Q aren’t reported on a tax return.

You don't need to report the distribution on your return. Retain the Form 1099-Q for your records. You may qualify to take a credit or deduction for your expenses. You should receive a 1098-T for these expenses.

Click here for additional information on Form 1099-Q.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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For 1099Q, box 4 checked as Trustee to Trustee transfer from regular 529 Plan to 529ABLE; I believe I don't need to report that in my 1040. Am I right?