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Old 03-14-2014, 09:30 AM
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529

I have 529 account for my son and did take distribution in 2013 for $23,000.00 but I did refunded back to 529 plan because my son did receive scholarship from Navy. School did not issue 1098-t but received 1099-q from 529 plan. I did write a check for full amount and send it to the 529 PLAN. 529 plan told me that they will issue 1099-q if the fund was not returned by 60days. How do I file this information so I am not responsible for the distribution. I refunded. How to zero it out on my tax form.

Thank you



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Old 03-15-2014, 05:51 AM
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Join Date: Oct 2010
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Quote:
Originally Posted by waynekim View Post
I have 529 account for my son and did take distribution in 2013 for $23,000.00 but I did refunded back to 529 plan because my son did receive scholarship from Navy. School did not issue 1098-t but received 1099-q from 529 plan. I did write a check for full amount and send it to the 529 PLAN. 529 plan told me that they will issue 1099-q if the fund was not returned by 60days. How do I file this information so I am not responsible for the distribution. I refunded. How to zero it out on my tax form.

Thank you
If the 529 withdrawal was within the last 60 days you can roll over to another 529 plan with yourchild as beneficiary. Indicate to the receiving plan that it is a rollover and provide basis and earnings breakout. If not within last 60 days, minimize the tax damage by identifying any tax-free scholarships or grants your son may have receiving that qualify for a waiver of the 10% tax penalty.



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