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L
lukemusselman
February 12, 2021
Question

DO I INCLUDE 529 PROFIT? FROM COMBINED 1098, 1099, 5498

  • February 12, 2021
  • 1 reply
  • 0 views
DO I HAVE TO REPORT?

1 reply

AmyC
AmyC
Employee
February 15, 2021

If your 529 distribution was greater than education expenses, the difference becomes taxable income. The IRS does allow you to move money around. I think it is generally better for the student to absorb some of the extra expense when possible as it may not be taxed or in the lowest percentage. I am going to recommend you look at another of my answers for help. This should help you determine how to move money and who ends up reporting what.

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