Puzzled -- how to treat 529 withdrawal

Discussion in 'Tax' started by Guest, Nov 13, 2004.

  1. Guest

    Guest Guest

    I withdrew $21,000 (the total) of funds I contributed to a
    529 plan in the 90's. I have no earned income this year.
    Interest income is under $100. I am 52, have returned to
    school, and am living on student loans. My itemized
    deductions will exceed the standard deduction.

    The 529 withdrawal had zero withholdings -- no taxes, no
    penalty withheld.

    How do I treat it for tax purposes? As income? Other?

    Are there any exemptions or deductions that I can use to
    offset it? Maybe it's not subject to taxes or penalty
    because I'm using it for education?

    I've always done my own taxes; I don't want to pay someone
    to handle them for me this year--maybe when I finish school.

    Information appreciated.

    <*)))))><{
     
    Guest, Nov 13, 2004
    #1
    1. Advertisements

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 (here). After that, you can post your question and our members will help you out.