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529 Form

529 Form

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Instructions and help about 529 plan form

[Music] if your family contributed funds to a 529 plan which is a qualified tuition program to save for Education expenses at some point you will withdraw the funds when the beneficiaries attend a qualified institution like college to cover the cost when you withdraw money from 529 plan you will receive a tax from 1099 Q which reports the withdraw amount earnings and the principle basically the basis in the plan you usually don't need need to report 529 withdrawals on your tax returns as long as the funds were used for qualified education expenses so let's take a closer look at our 1099 q and figure out whether we need to report it on our 1040 tax return at the top we have a payer name which indicates the institution where we have our 529 plan recipient is most often the beneficiary of the 529 plan so probably the student whose education expenses were covered by the funds in box one we see that 5,000 was distributed from the plan of which 500 was in earnings listed in b

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