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Financial Planning / Tax Strategies
|Subject: Re: Reporting 529 distributions on taxes||Date: 3/19/2008 11:59 PM|
|Author: TMFPMarti||Number: 99593 of 122104|
- 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.
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