Get Withdrawal Request Form - CollegeAdvantage

Here's how Online. Log in to your my529 account. ... Mail or fax. Submit a Withdrawal Request form (Form 300). ... Some withdrawals may require a signature guarantee. Read the Program Description for more information. my529 is required by federal law to issue an IRS Form 1099-Q when funds are withdrawn from an account.

Can you reimburse yourself from a 529? You can reimburse yourself for qualified expenses from your 529 plan after you've already paid for them, as long as you still withdraw in the same calendar year.

You can call your plan administrator, make a request online, or submit a withdrawal request form. The plan can send withdrawals by check to the account owner, the beneficiary, or the school. You can transfer the money to yourself or the beneficiary electronically and then make payment to the school.

If your earnings are taxable, you must report the taxable earnings (box 2 on the 1099-Q form) on line 21 of IRS form 1040. If additional penalties apply, you also may need to complete IRS form 5329. Consult a tax professional for more information.

IRS Form 1099-Q is a statement issued by a 529 plan or Coverdell ESA administrator that lists the amount of distributions in a given tax year. The Form 1099-Q will be issued to the beneficiary if the 529 distribution was paid to: The 529 plan beneficiary.

IRS Form 1099-Q is a statement issued by a 529 plan or Coverdell ESA administrator that lists the amount of distributions in a given tax year. The Form 1099-Q will be issued to the beneficiary if the 529 distribution was paid to: The 529 plan beneficiary.

529 recordkeeping This is why it's important to keep good records (receipts and supporting documentation) that reconcile the total withdrawals that the 1099-Q reports to the IRS with the total that was spent on qualified educational expenses.

How 529 Savings Plans Work. Contributions to 529 plans are not eligible for a federal tax deduction, so they represent money that has already been taxed. As a result, account owners (typically parents) can withdraw any part of their original contributions without taxes or penalties.