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Discussion:ESA Rolled to 529 College Plan
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Discussion Forum Index --> Tax Questions --> ESA Rolled to 529 College Plan
DeniseRob (talk|edits) said:
| 18 March 2006
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| How do you report this in Lacerte Software? Do you reconcile the 1099Q for the minor child through a Kiddie Tax or what? The SS# is the minor child's. The Lacerte help shows nothing on this and I can't find anything specific in the IRS pub except that the rollover is tax free. The chile has no other income to report. Any Help out there?
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Dennis (talk|edits) said:
| 19 March 2006
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| A contribution to a 529 plan is, I believe, an educational expense under the Coverdell rules. I think the transaction has to be within the same calendar year.
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Riley2 (talk|edits) said:
| 19 March 2006
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| Dennis is correct. See Sec. 529(b)(2(B). No actual rollover is required. As long as the distribution and 529 contributon occur in the same year, there would be no reporting required.
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