Bostonian
Level 1

Client's son graduated college in June and has been working full time and is filing on his own.  Since he is no longer a dependent,  how is the 529 withdrawal, taken in January 2021 to pay for the last semester of school , handled on the clients taxes?  The son is the 529 beneficiary but it was taken from the clients 529 account. 

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sjrcpa
Level 15

Client will get the 1099-Q.

They report on their 1040 that it was used for qualifying expenses.


Ex-AllStar