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March 6, 2021
Question

My daughters college tuition was paid from a 529 fund I am the custodian of. Can I claim this on my taxes or should she. Not claiming her as a dependent. Who should claim

  • March 6, 2021
  • 2 replies
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2 replies

ColeenD3
March 6, 2021

Please see this full explanation from HalAl.

 

1099-Q

 

 

Hal_Al
Employee
March 7, 2021

It comes down to: are your "recipient" or is she.  That is, who's name and SS# are on the 1099-Q. 

 

If the 1099-Q is fully covered by expense, it doesn't need to be reported at all. But expenses must be coordinated with (allocated to) other tax benefits (tax free scholarships and the tuition credit)