Hello:
I would like some info on a 529 Non Qualified withdrawal. I withdrew a total of $17,056.32 from my son's 529. The 1099Q shows the earnings as $7.226.15 (approx 42%). The basis is listed as $9830.17.
Of the total amount - $10,000 was used for private High School tuition in 2018. I know that is allowed. Using the same logic - the portion of the withdrawal that is non qualified is now $7,056.32 and the earnings at 42% are $2,963.65.
Question #1 - is my logic and calculations correct?
Question #2 - Does the entire $7056.32 get reported on Line 21 of Schedule 1 Additional Info or only the earnings of $2,963.65?
Any help is appreciated.
CM
I would like some info on a 529 Non Qualified withdrawal. I withdrew a total of $17,056.32 from my son's 529. The 1099Q shows the earnings as $7.226.15 (approx 42%). The basis is listed as $9830.17.
Of the total amount - $10,000 was used for private High School tuition in 2018. I know that is allowed. Using the same logic - the portion of the withdrawal that is non qualified is now $7,056.32 and the earnings at 42% are $2,963.65.
Question #1 - is my logic and calculations correct?
Question #2 - Does the entire $7056.32 get reported on Line 21 of Schedule 1 Additional Info or only the earnings of $2,963.65?
Any help is appreciated.
CM