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#1
01-24-2006, 11:06 PM
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 Re: Tax Free College Savings SMF wrote: - quote - > Will we receive a 1099-INT for disbursements from tax-free
Such disbursements are only tax free if used for their> college savings plans? Will it be reported somewhere on the > return? In all instances it won't all end up tax free if not > enough expenses were paid. intended purpose (eligible educational expenses), so I would assume that a 1099-INT or 1099-DIV form would be issued by the plan custodian. It will be your responsibility to show that the funds were actually spent on such educational expenses. The school should send you a 1098-T, which details the qualifying expenses paid. Only the portion (if any) NOT used for educational expenses will show on your return, and be taxed at ordinary tax rates. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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01-24-2006, 10:05 PM
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| Re: Tax Free College Savings "SMF" <smfwdf[at]comcast.net> wrote: - quote - > Will we receive a 1099-INT for disbursements from tax-free
You'll receive a 1099-Q. See IRS Publication 970 for how to> college savings plans? Will it be reported somewhere on the > return? In all instances it won't all end up tax free if not > enough expenses were paid. calculate the taxable portion and how to report. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
01-24-2006, 03:20 AM
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| Tax Free College Savings Will we receive a 1099-INT for disbursements from tax-free college savings plans? Will it be reported somewhere on the return? In all instances it won't all end up tax free if not enough expenses were paid. Thanks << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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| college, free, savings, tax |
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