plan is considered a third party payee, right..??? So when you get the 1099-T for tuition the only adjustment is if you use the tuition DEDUCTION you must subtract the earnings recorded on the 529 disbursement statement with the payouts from the tuition. Everything else is OK-student is the beneficiary etc. Am I correct if everything else is right the only time you make an adjustment is subtracting the earnings recorded as disbursed agains the tuition amounts. You get the full 1099-T amount for the Hope and Learning credit with no adjustment for payments made out of the 529 plan to pay for them.
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Other Costs
You can also use other costs to use up the 529 funds. Books, Room & board and other misc fees that are not included with the cost of tution. Some of these plans can ba a little confusing. Take a look at TTB 12-4 and a few more pages after they do a good job explaining this. -
Check p. 50 on coordinating education credits and 529 distribution:Originally posted by JON View Post
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