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Reply to "Maryland 529 Distribution / 2017 Tax Statement"
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[quote=Anonymous]Thanks all. I spoke with MD529 and the IRS this morning. MD529 could not provide me with tax advice, but said that the 1099-Q is a validation that payment was made to qualified educational expenses per IRS rules (i.e. directly to the college). The IRS said the same - it is a validation and need not be filed, but should be retained as proof that we used the money for qualified expenses. https://www.taxslayerpro.com/kb/369/Form-1099-Q--Payments-from-Qualified-Education-Programs?language=1&category=401&page=1 " - If you used all of the funds distributed from your account for qualified education expenses, you do not need to report anything on your federal income tax return. As long as your distribution was spent entirely for education expenses, the IRS will generally not tax the earnings. However, it is advised that you keep your Form 1099-Q and copies of your qualified education expenses for your records."[/quote]
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