Kiddie tax support test and scholarship
@Nikita606 wrote: I'm trying to determine if my daughter will have enough earned income to claim that she provided 1/2 of her support. She worked full time this past semester and this summer in a...
View ArticleHow to report tuition paid when amount billed on 2018 1098-T is 0
@PattyG79 wrote: We paid paid approximately $7,500 in tuition and fees in spring 2018, being sure to pay $4,000 out of pocket before using 529 funds in order to qualify for the American Opportunity...
View ArticleI was issued a 1099 for a qualified withdrawal from my 529; how do I report...
@1852918 wrote: Title says it all.....how do I enter it on the return so as not to be liable for taxes on this qualified withdrawal? Posts: 3 Participants: 2 Read full topic
View Article529 plan and dependent status
@G2018 wrote: How do 529 plan benefits affect dependent status on a tax return? I am trying to determine if I can still claim my son as a dependent on my tax return. Do the funds he receives from his...
View ArticleTrying to determine if I can claim son as dependent
@llchang wrote: My son graduated college in May 2018, at age 23. So as long as I paid more than 50% of his support, he would qualify as my dependent for 2018. The cost of Spring semester college are...
View Article"Net" distributions
@michigan wrote: In a year when qualified distributions were taken from a 529, the parent mistakenly contributed funds late in the year, and then realizing the mistake, withdrew the funds. The 1099-Q...
View Article529s for Expats: worth it?
@Thoughtsbend wrote: Hi all, We have two children, one entering grade 9 in the Fall, the other entering grade 7. We have been overseas for most of our working lives and have set up a diversified index...
View ArticleTwo students in college with qualified expenses
@prinehart wrote: This fall, I will have two students in college with qualified expenses. Will each student's qualified expenses and matching withdrawals be handled separately, or does the IRS lump...
View ArticleGift tax implications of intergenerational funding of 529
@sfoltz wrote: All these transactions are at or below the $15,000 annual gift tax limit. Great grand parent gave money to parents for a college account. Parents gave check to grandparent who set up...
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Tax implications for 529 reimbursement to student beneficiary
@blackhawk wrote: Hello - I am getting ready to do my first withdrawal from my 529 account for my son (beneficiary). I need to get reimbursement for last semester's tuition that I paid in January...
View ArticleScholarship withdrawals
@prinehart wrote: I have a couple of questions that I cannot seem to find the answer to1. Can you take a withdrawal from a Coverdell for scholarship? (withdrawal without the10% penalty) If not, how do...
View ArticleWanting to use AOTC after taking 529 withdrawal
@itsjohnb wrote: I paid my son's fall 2019 expenses (tuition, fees, R&B, books) entirely from his 529 plan. I am expecting my tax bill to be higher than anticipated due to unforeseen events and...
View ArticleTax consequences for transferring account owners
@Chris wrote: My sons account owner is his grandma but she wants me to be the account holder now that he is going to college. Are there any tax consequences to me if I become the new account owner?...
View ArticleRefund of tuition paid with 529 plan - college went bankrupt
@cattig wrote: This may be a unique circumstance - Tuition was paid early in the year from a 529 plan. The college later went bankrupt and tuition was refunded by the state now, which is 11 months...
View ArticleNeed recommendation for tax advisor
@lucia1992 wrote: I have few queries related to commercial tax in Dubai as I recently set up my business over here. Can anyone help me by providing me with the contact of one of the tax advisor in...
View Article1098-Ts and Prepaying Tuition
@finleywk wrote: I recently read an article on the website about prepaying for tuition. Here is what I read: "Colleges will send a Form 1098-T noting the amount of 529 plan payments received, and the...
View Article1099-T, 1099-Q - it's a mess
@hoosierina wrote: Though this has been discussed before, I couldn't find anything recent and tax laws (may) have changed. Daughter is first-year in college 1099-T Box 1 includes amount for both Fall...
View ArticleConfused about 529 withdrawal and reporting taxes for AOTC
@jimmieb wrote: I want to verify what I am doing is correct regarding reporting the tuition payments from 529 plan and the tax credits (most likely the AOTC). I have looked at numerous posts here and...
View ArticleTax questions on 529 scholarship exemption
@kitand wrote: My son is a freshman and has received $4000+ in tax-free scholarships, already credited to his college account. I'd like to withdraw some money for him out of his 529 via the...
View ArticleCan you get a 529 state deduction if you work in another state?
@krk3384 wrote: My friend lives in South Carolina which offers a state tax deduction if you contribute to the SC state 529 plan. He works in North Carolina so he pays state income taxes to NC, not SC....
View ArticleClaiming scholarships for penalty-free Coverdell ESA distribution
@Judy2843 wrote: Not knowing if my student would graduate in four years (or more) and what that overall financial commitment would ultimately look like, we did not take non-qualified distributions...
View Article529 Withdrawal due to Scholarship
@s010158682 wrote: My son has received a full scholarship for his senior year and his graduate degree. Can I withdraw the amount from his 529 account that equates to his scholarship payments for 2022...
View ArticleKiddie tax on a non qualified distribution to the beneficiary
@lyonsd wrote: Does the Kiddie tax apply to a non qualified 529 distribution to the beneficiary? Posts: 2 Participants: 2 Read full topic
View ArticleMultiple Accounts Aggregation Requirement
@jjh5846 wrote: Joseph Hurley's November article at https://www.savingforcollege.com/article/multiple-529-accounts-for-the-same-child-does-it-ever-make-sense states that the accounts must be in...
View ArticleUsing a a Trust to Fund a 529
@bsd925 wrote: it permissible to distribute funds from an irrevocable trust to fund a 529 account -using the annual gift exclusion ($18,00)? in essence making it a tax free distribution. It’s from a...
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