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5 lut 2022 · My 1099-Q form shows me, the parent/529 account owner, as the recipient (because I mistakenly had the distribution deposited into my bank account, instead of directly paying my child's private elementary school). I have documentation showing I paid my child's school.
- 1099-Q box 6 was checked in the letter I received but I am the ... - Intuit
I received the 1099-Q letter, but the box-6 was checked....
- 1099-Q box 6 was checked in the letter I received but I am the ... - Intuit
16 kwi 2021 · I received the 1099-Q letter, but the box-6 was checked. However, I am the recipient and I am also the designated beneficiary on my 529 account. What should I do when I file my tax through turbotax, should I leave the box uncheck or should I check that box?
If the amount in box 2 includes earnings on excess contributions, enter distribution code 2 or 3 (as applicable) in the box below boxes 5 and 6 (below the shading). See Notice 2003-53 for more information.
11 sty 2014 · I was issued a form 1099-Q by Vanguard's 529 plan and box 6 ("Check if the recipient is not the designated beneficiary") was checked. This appears to cause tax liability on Form 5329 5, 7, and 8 (10% penalty on gains).
“Coverdell ESA” box. Box 6. Designated Beneficiary Checkbox. Check the box if the recipient is not the designated beneficiary under a QTP or a Coverdell ESA (see section 529(e)(1)). Distribution Codes. For the current year, you may, but are not required to, include one of the following distribution codes in the blank box below boxes 5 and 6.
1099 Q—What Do I Do? • Objectives • Recognize qualified higher educational expenses for §529 plans • Properly calculate the tax -free and taxable portions of distributions from a §529 plan • Properly report the distributions from a §529 plan • Identify ways for a client to utilize §529 funds
23 paź 2024 · Box 6: If this box is checked, it means the distribution was made to a person other than the designated beneficiary, such as the account owner. For example, a parent who withdrew funds to spend for their child’s education.
