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Old 04-14-2016, 08:42 AM
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529 withdrawal from Ohio now living in Florida

I moved from Ohio to Florida in 2014. I took a withdrawal from my son's 529 college fund in 2015 and was unable to roll over the entire amount to a new Florida college savings plan. I want to do my Ohio taxes for that withdrawal but all the tax software is asking for W-2s and income but I did not work in the State of Ohio during 2015. How do I go about accomplishing this?



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Old 04-14-2016, 06:00 PM
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Quote:
Originally Posted by ndavis17 View Post
I moved from Ohio to Florida in 2014. I took a withdrawal from my son's 529 college fund in 2015 and was unable to roll over the entire amount to a new Florida college savings plan. I want to do my Ohio taxes for that withdrawal but all the tax software is asking for W-2s and income but I did not work in the State of Ohio during 2015. How do I go about accomplishing this?
you need to contact your software vendor
As you don?t use all of the distribution for qualified expenses, you have to include the portion of earnings not used for qualifying expenses as taxable income. For example, if your 529 plan has 90% contributions and 10% earnings and you take a non-qualified distribution of $2k, $200 of that distribution is considered earnings and therefore is taxable income. If you use none of that distribution for qualified expenses, all of the earnings, or $200, is taxable. You need to report the taxable income on line 21 of Form 1040



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Old 04-14-2016, 08:23 PM
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Thank you!



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