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1099Q and 529 Distribution
I'm using TaxCut 2008 and can't figure out how (or if I should) enter the information I got on a 1099Q from my son's 529 plan.
The check was cut to me for the exact amount of the 2nd semester room and board. I then wrote a check to the school for the same amount. As I understand then the distribution earnings are not taxable.
So I just don't report this on 1040 line 21? I would only report the amount if it was taxable?
TaxCut does not address this at all.
Post edited by Iron Maiden on