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Question

Is a 529 a coverdell education savings account?

Forum|Forum|2 years ago
March 13, 2024
1 reply
0 views

is a 529 a coverdell education savings account? If it's a 529 do you answer "yes" to Were you the beneficiary of a coverdell education savings account?

TurboTax Deluxe Online

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Not exactly. They are both education savings plans, but there are differences. Did you receive a 1099-Q? If you did, and you are the beneficiary, you would answer Yes. However, if you used the distribution to pay for only qualified education expenses, then you do not have to report it. You can keep it with your tax records. You only need to enter it if a portion or all of it is taxable. See 1099-Q.

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