Help with 1099 Q. Mom takes money out of 529 plans she had set up for kids to start her own new business. There are no educational expenses for anyone. I know that only the earnings are taxed and subject to the penalty.
Light bulb - I see the answer to this in the tax book page 12-5. Report taxable amount on 1040 Other INcome and 5329 is required in my situation. So this is all fyi.
Thanks for all the help on the web site.
Light bulb - I see the answer to this in the tax book page 12-5. Report taxable amount on 1040 Other INcome and 5329 is required in my situation. So this is all fyi.
Thanks for all the help on the web site.