Question

529 disbursement to parent

Forum|Forum|6 years ago
March 9, 2020
1 reply
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I received a 529 disbursement for 2019 in my name and deposited the funds in my son's account. He used the money to purchase a computer for school. I don't plan on claiming him as a dependent and this would be the first year he would file on his own. He graduated in May and is now in grad school. I received the 1099-Q in my name. How do I enter this this on my return or do I need to claim him as a dependent?

K

KatrinaB48

You are the recipient since your name and social security number are listed on the form. Therefore, you will file the Form 1099-Q even though your child isn't being claimed as a dependent. Please follow the directions in this TurboTax FAQ to enter your 529 distribution amount.

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