OK thanks. Just use ratios then. Wasn't sure if that was allowed and I had to have the specific basis for the specific $11K scholarship withdrawal.It doesn't matter which distribution was for what. It's all added together (assuming it all came from one account.)Thanks. Taxed as ordinary income unfortunatley.Your 1099-Qs should tell you how much was contributions and how much was earnings. The earnings are taxed as ordinary income. The contributions are not taxed. (Contributions are "basis" in box 3.)
The 529 plan combined 5 transactions (all on different dates throughout the year) onto one 1099-Q, one transaction of which was one of my $11K scholarship withdrawals. Box 1 (gross distribution), box 2 (Earnings), box 3 (basis) are filled out for the combined 5 transactions. Am I being thick but wouldn't I have to know the basis of the specific $11K scholarship withdrawal?
Basically you'll take Earnings / Total as a percentage times 22,000, and enter that on Schedule 1 line 8z I believe.
Statistics: Posted by ualdriver — Tue Apr 02, 2024 11:29 pm — Replies 4 — Views 192