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Unlike an IRA to which you've made nondeductible withdrawals, the taxable portion of 529 withdrawals is computed by the plan administrator, not by you. They send out 1099-G to report it to you. The calculations are similar, except the 529 withdrawals are subject to aggregation rules that can sometimes make things interesting. Generally, for each withdrawal the percentage of your contributions to account value comes out as nontaxable, and the rest is taxable.

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