When these are rolled over within the 60 days, is there a reporting requirement? Full amount was rolled, there are no educational expenses. Unfortunately, did not do trustee to trustee transfer. If reporting is required, whose tax return? Parents? Or do I have to do one for the kids? Thanks.
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I did not know you could
distribute a coverdell to a 529.
But page 12-6 in TTB says you can. Good to know.Last edited by veritas; 03-02-2008, 08:17 PM. -
Reportable?
Question still stands - I have a 1099Q in child's SSN, with dad as custodian. Rolled over full amount. I have great documentation from both plans. It will not be taxed, but does it have to be reported? and who's tax return?
If anyone has seen this before, I would really appreciate it. A few years ago I did one, but just so happened to need to prepare a return for that child. So, I reported it on the kid's tax return on line 21 as income and out on line 21 as transfer with explanation. Never heard anything from IRS. However, I am not sure that was correct, PLUS I don't need to file a tax return for the child in this case. Don't want to run up charges that client doesn't need. Thanks.Comment
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From Pub. 970
Rollovers and Other Transfers
Do not report qualifying rollovers anywhere on Form 1040. These are not taxable distributions.Comment
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beautiful!
Right there on page 43, Ch. 7. Thank you.Comment
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