529 Account distributions and completing tax forms

sueinphilly
Tue, 15 Jan 2008 18:24:38 +0000

I think you have to report it, I use taxactonline and it asks you about the distributions and earnings and the qualified expenses. As long as your qualified expenses (which include room, board and book) doesn’t exceed the amount you withdrew then there is is no effect on your tax return.

The qualified expensed for a 529 account are different than for claiming the hope or lifetime learning credit or education tax deduction. Those exclude room, board and books (which is stupid imo)

Oh that 970 document is a real charmer. I haven’t done my taxes on paper for 10 years.

If I am wrong about any of this, I hope someone jumps in and corrects me!