USA 529 Non Qualified Withdrawal

Joined
Feb 26, 2019
Messages
1
Reaction score
0
Country
United States
Hello:
I would like some info on a 529 Non Qualified withdrawal. I withdrew a total of $17,056.32 from my son's 529. The 1099Q shows the earnings as $7.226.15 (approx 42%). The basis is listed as $9830.17.

Of the total amount - $10,000 was used for private High School tuition in 2018. I know that is allowed. Using the same logic - the portion of the withdrawal that is non qualified is now $7,056.32 and the earnings at 42% are $2,963.65.

Question #1 - is my logic and calculations correct?
Question #2 - Does the entire $7056.32 get reported on Line 21 of Schedule 1 Additional Info or only the earnings of $2,963.65?

Any help is appreciated.

CM
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

No members online now.

Forum statistics

Threads
11,782
Messages
27,851
Members
21,793
Latest member
nextgenaccountant

Latest Threads

Top