|
|
|
|
|
Posted by Taxlover on February 14, 2008, 11:07 am
Please log in for more thread options
I have a 1099Q for money withdrawn from my 529 to pay my college tuition. I
realize I don't have to pay taxes on the earnings, but does it even show up
on my tax return?
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by removeps-groups@yahoo.com on February 14, 2008, 12:25 pm
Please log in for more thread options
> I have a 1099Q for money withdrawn from my 529 to pay my college tuition. I
> realize I don't have to pay taxes on the earnings, but does it even show up
> on my tax return?
If you used the money for non-qualified purposes, then you have to add
a portion of it as Other Income and also pay a 10% penalty (on some
line near total Tax on page 2). Qualified purposes are tutition,
books, room and board, etc. See the publication for more details.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Taxlover on February 14, 2008, 2:44 pm
Please log in for more thread options
>
>> I have a 1099Q for money withdrawn from my 529 to pay my college tuition.
>> I
>> realize I don't have to pay taxes on the earnings, but does it even show
>> up
>> on my tax return?
>
> If you used the money for non-qualified purposes, then you have to add
> a portion of it as Other Income and also pay a 10% penalty (on some
> line near total Tax on page 2). Qualified purposes are tutition,
> books, room and board, etc. See the publication for more details.
>
As I said, I used it for tuition. Does it get entered on my tax return
anywhere?
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Harlan Lunsford on February 14, 2008, 5:16 pm
Please log in for more thread options Taxlover wrote:
>>
>>> I have a 1099Q for money withdrawn from my 529 to pay my college tuition.
>>> I
>>> realize I don't have to pay taxes on the earnings, but does it even show
>>> up
>>> on my tax return?
>> If you used the money for non-qualified purposes, then you have to add
>> a portion of it as Other Income and also pay a 10% penalty (on some
>> line near total Tax on page 2). Qualified purposes are tutition,
>> books, room and board, etc. See the publication for more details.
>>
> As I said, I used it for tuition. Does it get entered on my tax return
> anywhere?
>
Nope.
ChEAr$,
Harlan Lunsford, EA n LA
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Mark Bole on February 15, 2008, 12:06 am
Please log in for more thread options Taxlover wrote:
>>
>>> I have a 1099Q for money withdrawn from my 529 to pay my college tuition.
>>> I
>>> realize I don't have to pay taxes on the earnings, but does it even show
>>> up
>>> on my tax return?
>> If you used the money for non-qualified purposes, then you have to add
>> a portion of it as Other Income and also pay a 10% penalty (on some
>> line near total Tax on page 2). Qualified purposes are tutition,
>> books, room and board, etc. See the publication for more details.
>>
> As I said, I used it for tuition. Does it get entered on my tax return
> anywhere?
Don't make the mistake of taking money out in late 2007 to pay for 2008
tuition, then a portion of the earnings *are* subject to tax and penalty
for 2007.
-Mark Bole
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
| Similar Threads | Posted | | TaxAct Online doesn't show saved return unless you start over | April 11, 2006, 3:50 am |
| Where on 1120 does prev year refund show | October 11, 2007, 10:20 pm |
| can a non-profit show unpaid pledges as assets? | June 18, 2008, 12:54 pm |
| Does a copy of other state return serve as a proof for Virginia tax return ? | April 9, 2008, 5:42 pm |
| Filing status different for Federal return and State return | April 11, 2007, 11:47 pm |
| Real Estate Return on Capital and Return of Capital | October 19, 2007, 10:20 pm |
| Should I file return even if no tax due? | February 22, 2007, 2:27 am |
| Filing Tax Return...Please help! Someone! | March 1, 2007, 8:49 pm |
| Dependent's tax return | April 5, 2007, 1:49 am |
| IRS tax return-2005 | April 25, 2007, 4:17 am |
|
|
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap