Css profile sect.529 helpppppp! ><.

<p>If i completely withdrew and cancelled my college savings plan, do I have to include it in the section 529 college savings plan part in the css profile?</p>

<p>You are going to have to if you did it in 2010 or 2011 because the IRS sends you a form to file with your taxes showing the withdrawal.</p>

<p>ohh alright thanks !!</p>

<p>Saralala, are you asking about asset or income. For assets, if you no longer have an asset (such as the section 529 plan) on the DAY YOU ARE FILING, you do not claim that asset on the CSS Profile.</p>

<p>As far as income, it depends if it was used for an allowed educational expense. If it was let's say used for tuition, none of it is taxable. If it was not used for an educational expense, then only the portion of the amount taken out that is income would be taxed. So if you put in $100, and when you took the whole thing out its value was $110, then you only pay tax on the $10. Whatever money you take out is both income and original investment. So if out of the $110 you take out only $55, $5 would be considered income. For the CSS Profile, my guess would be that for income it would only be the $10, and you would either add it to untaxed income if it wasn't taxed and as taxable income if it was.</p>