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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121096  
Subject: Re: Reporting 529 distributions on taxes Date: 3/19/2008 11:59 PM
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- Daughter is named as beneficiary on the 529

We use Turbo Tax to prepare our taxes and while I somehow stumbled through the program and managed to get the 1099-Q data entered


Did you happen to notice that it's your daughter's SSN on the 1099-Q? That's because a taxable distribution is income to her, not you.

Software strikes again. Go low-tech and see IRS Publication 970 about how distributions are handled. In the meantime, send your daughter the 1099-Q.

Phil
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