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Money and Finances
Reply to "529 plans and withdrawing money "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]you can do it either way - have 529 pay directly to school or you pay out of pocket and have it pay to you. it's tax free. [/quote] The one time I had my 529 pay the school directly, the 1099-Q came in my son's name, which was a pain in the neck during tax time. Since then, I have paid out of pocket and then had the 529 pay it to me.[/quote] Why? You don't report the 1099-Q on taxes unless you're taking out more than allowed (or for non-allowable expenses). I always have the 529 pay directly. Easiest way to prove the $ is going where it's supposed to.[/quote] Not that PP but I think maybe it’s more likely to trigger a letter from the IRS that way. Or at least we got one (which meant we sent back a letter with a list of expenses and that was enough). [/quote]
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