Possi Posted April 2, 2020 Report Share Posted April 2, 2020 I have looked back at a couple of discussions on this, and I think I'm right, but looking for validation. Parents phase out of claiming any education credits, income over $200k. Son has no wages. Son goes to school out of state. Parents funded VA 529 college account for son. VA 529 is in son's name. Total distribution was $30,500. Earnings were $11,880. All of that was spent on college expenses, tuition and fees, supplies and equipment, room and board, etc. Correct me if I'm wrong, but 1099Q in son's name is not a taxable event to son. Parents can claim son on their tax return. Quote Link to comment Share on other sites More sharing options...
Catherine Posted April 2, 2020 Report Share Posted April 2, 2020 Correct as it is stated, assuming other requirements (son's age, marital status, full time student etc) are met. 1 Quote Link to comment Share on other sites More sharing options...
Possi Posted April 2, 2020 Author Report Share Posted April 2, 2020 3 hours ago, Catherine said: Correct as it is stated, assuming other requirements (son's age, marital status, full time student etc) are met. AHHHHHHH AFFIRMATION.... I think I'll contribute in your honor! 3 1 Quote Link to comment Share on other sites More sharing options...
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