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Reply to "Maryland 529 Distribution / 2017 Tax Statement"
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[quote=Anonymous][quote]Federal Taxation of Benefit Payments. Distributions from your Account may have two components: (1) principal, which is not taxable when distributed, and (2) earnings, if any, which may be subject to federal taxes. We determine the earnings portion at calendar year-end based on IRS rules and report it to the IRS and the taxable party on Form 1099-Q (or other successor form). In certain cases, losses may be reported to the IRS. You are responsible for preparing and filing the appropriate forms when completing your federal income tax return and for paying any applicable tax directly to the IRS. [b]The taxable party is the Beneficiary unless the distribution is issued to the Account Holder[/b] [/quote] https://maryland529.com/Portals/0/Files/cspm_enrollment_kit.pdf[/quote]
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