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Old 01-30-2015, 12:44 AM
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529 Distributions to the parent instead of the account beneficiary (child)

So, my question is a very simple one but I have been searching for an answer for 4 hours on the internet only to find early complicated responses about the 529 in general. Here is goes.

I setup 529 distributions to go to me as the account owner, not my son as the account beneficiary. I did use all the funds to pay for his tuition/room/board and the money taken out did not exceed his qualifying expenses. So, now I have received the 1099Q for the year with my SSN listed as the recipient/beneficiary, not his. How do I report this on my tax return since I got the 1099Q? Based on what I read I will get taxed for taking a non qualified distribution. In other words, how do they know I used the money to pay for my son's education expenses.



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