My daughter is the recipient of a distribution from a 529 Plan owned by my father (her grandfather). The 1099-Q was sent to her and displays the last four of her SSN.
Who reports the distribution for tax purposes: my father (grandfather/owner of the 529), my daughter (the beneficiary, but who has nothing else to report on a tax return), or me (because she's already listed as my dependent) ? Thanks for your help.
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Edited 02/10/2017 at 10:04 AM PT.
The person who receives the funds (whose SSN is on the 1099-Q ) has to report the Form 1099-Q on their tax return (If the money went straight to the school, it is treated as going to the student).
You can enter the Form 1099-Q in either the Wages & Income section or the Deductions & Credits section of Federal Taxes,
(If entering in Wages & Income, the Coverdell ESA and 529 qualified tuition plans interview is found under Less Common Income > Miscellaneous Income).
(If entering in Deductions and Credits, the ESA and 529 qualified tuitions interview is found under Education).
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