529 Account distributions and completing tax forms

swimcatsmom
Tue, 15 Jan 2008 18:09:09 +0000

This is the first year we have drawn money from a 529 account and I just want to make sure we are filing correctly tax wise.

The account is owned by my husband with my son as beneficiary. We withdrew money to pay for qualified education expenses. The money was paid to my husband (there was not an option on the form to have it paid to my son). Today in the mail we got a 1099Q. As the money was for Qualified expenses we just don’t report it? No where to explain it or anything? That is my understanding from reading the IRS 970 document. The tax program we have is a little confusing to say the least.