Grandfather supports grandchilds college education thru 529 plan. Grandfather receives 1099-Q with his name on it. Who enters data on Fm 1040?

Forum|Forum|6 years ago
June 6, 2019
2 replies
0 views

Recipient of 529 funds are my grandchildren who are not my dependents yet Fm 1099-Q shows grandparent as recipient.

ItsDeductible Online

Best answer by KiaraE

Since the grandfather is the one that contributes to the plan and his name is on the 1099-Q, he will be the one that enters this with his information.

KiaraEAnswer

Employee

Since the grandfather is the one that contributes to the plan and his name is on the 1099-Q, he will be the one that enters this with his information.

sirodAuthor

Does granddaughter become his dependent?

maglib

Employee

Box 6 should have been checked as the beneficiary is the grandchild. A 1099Q is reportable only if the amount exceeds qualified tuition and education expenses and would only be reported on the students return then. The 1099Q should be sent to the parents or whomever is claiming the student.

**I don't work for TT. Just trying to help. All the best. ***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.