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College and University Discussion
Reply to "529 WITHDRAWAL"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It is best (less likely to trigger any questions from IRS) to send payments for qualified 529 expenses directly to the school rather than to the 529 account owner. [/quote] I (account owner) have been getting the checks but I agree with this. I have asked twice by IRS after my tax returns. Have them send it to school directly. [/quote] How do they even know? I don't remember there even being a place to report 529 withdrawals on your taxes? I guess maybe the plan reports the withdrawal?[/quote] We don't do our own taxes but there is a schedule in our returns for 529 contributions and withdrawals. The 529 should be sending you a 1099Q. As I recall, when we sent the payment directly to the school the 1099Q comes in DCs name and if we take the money out (like for living expenses) the 1099Q comes to us.[/quote]
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