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View Full Version : Do I need to file a return for a minor child based on a 1099-Q


marrs
Apr 9, 2009, 12:33 PM
In 2006, a trust account was set-up for two of my minor children with $10,000 each

In 2007 we transferred that mony to a CA 529 Plan. In 2008 the fund lost money so we moved the amount back to a trust account with another financial institution. (not a 529).

The amount was less than the $10,000 that was started with. Hence, an overall loss.

The trust account received a 1099-Q which shows a gross distribution for Tax Year 2008.

One will be going to college in 2009 and the amount will all be used. The other is a few years away.

Question: Do I need to file a tax return based on the above and receiving the 1099-Q?

AtlantaTaxExpert
Jun 8, 2009, 02:53 PM
In my opinion, yes. You have to account for the distribution.

I recommend you get professional help from a tax professional with experience in trusts.