1. Home
  2. Taxes General Forum
  3. 529 withdrawal reporting

529 withdrawal reporting

Hi

I funded (from after tax money) two 529s for each of my children. Each a/c was funded with $22,000 in Dec 2007 That is a total of 44,000 I withdrew all the money in 2009 Sept We have been filing married jointly.

I received two 2009 1099-Q forms Here is what they say box data

1 16,445 2 -5554 3 22000 4 5 checked state 6 checked

I don't know how to deal with this and it is the main reason I have been procrastinating on my taxes.

How to report this. I'd especially like to make sure I get some benefit in my taxes from these losses.

I use TaxCut

Thanks,

-Antony

Reply to
Antony
Loading thread data ...

See page 69 of IRS Publication 970. It sounds like you have a miscellaneous itemized deduction on Schedule A.

You'll need to check your state's instructions to see what, if anything, to do there.

Phil Marti VITA/TCE Volunteer

Reply to
Phil Marti

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.