NY 529 college savings plan said that the part of our withdrawl that is an unqualified expense, would not be penalized or taxed because we lost earnings. Is this true?

Forum|Forum|2 years ago
February 29, 2024
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I'm trying to finish my 2023 taxes and it went from a state refund to owing over $700. I was told the $410 in unqualified expenses would not make an impact because we had negative $91 in earnings.

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KrisD15

To clarify, how much was the distribution and what did the distribution pay? Tuition, student loans, something else?

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NY 529 college savings plan said that the part of our withdrawl that is an unqualified expense, would not be penalized or taxed because we lost earnings. Is this true?

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