IRS Form 1099-Q Distributions from Section 529 Plans

A parent can create a Section 529 College Savings plan for their children's college education fund.

The Section 529 Plans are ideal because cash is saved for college, and the investment income earned within the account can grow tax-free.

So long as distributions are used for college tuition and expenses, none of the distributions are taxable.

Under any circumstance, if a cash distribution is made from the 529 plan, the plan administrator must issue a Form 1099-Q to the IRS and provide a copy to the account holder.

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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal, or accounting strategies demonstrated in this video. Thank you.