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zooeyd
New Member

I withdrew $ from a 529 college plan, but put it back since I didn't need it. I got a 1099-Q. Do I acknowledge this withdrawal on my taxes? How do I legally handle this?

I replaced the money I withdrew three days after taking it out after I decided to finance my son's college out of a personal loan, and save the 529 money for year 2.

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Fern
New Member

I withdrew $ from a 529 college plan, but put it back since I didn't need it. I got a 1099-Q. Do I acknowledge this withdrawal on my taxes? How do I legally handle this?

You will enter the withdrawal on your taxes and indicate that you rolled the money over (even if the deposit was back to the same account.)

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Fern
New Member

I withdrew $ from a 529 college plan, but put it back since I didn't need it. I got a 1099-Q. Do I acknowledge this withdrawal on my taxes? How do I legally handle this?

You will enter the withdrawal on your taxes and indicate that you rolled the money over (even if the deposit was back to the same account.)
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