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College and University Discussion
Reply to "529 - timing of withdrawals"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I must be doing something wrong, because somehow I wound up having my withdrawals being posted as income when I did my Federal taxes. (Because I received them, not my daughter. Because they were reimbursing me for University bills I had paid. ) She has several scholarships, which are also complicated. But I actually think I paid more taxes last year because of 529 deductions. I used electronic software and just answered questions honestly. Wah!!! [/quote] On the tax software I use (TurboTax), the withdrawals appear as income, with capitol gains. But that is all offset by the tuition paid with those funds. [/quote] DC is a Frosh so we are new to 529 withdrawals and I guess I'll see.... but I have the 529 mail the check directly to the school for the exact amount of the bill... so hopefully avoid the income/capital gains mess ....[/quote]
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