Wife contributed over the years to the Illinois College Fund on her behalf.
She never used any of the funds for education. She removed the total funds
with earnings from the Illinois College Fund and place them in a personal saving
account in her name. The 1099Q shows earnings of $5421. I think that since
she removed all the funds and used none for education expense for the year then
all of earnings are taxabel this year on form 5329. Anyone more up on this than me?
I love these people that brings in things like this at the last minute. HELP
She never used any of the funds for education. She removed the total funds
with earnings from the Illinois College Fund and place them in a personal saving
account in her name. The 1099Q shows earnings of $5421. I think that since
she removed all the funds and used none for education expense for the year then
all of earnings are taxabel this year on form 5329. Anyone more up on this than me?
I love these people that brings in things like this at the last minute. HELP
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