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    kitty464's Avatar
    kitty464 Posts: 2, Reputation: 1
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    #1

    Feb 7, 2014, 12:03 PM
    Does a student file taxes for 529 withdrawl
    If I withdraw money from my 529 college savings do I claim this on my taxes even though my parents claim me as a dependent? Also can I use my tuition payments as a write off?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Feb 7, 2014, 12:22 PM
    For federal tax purposes the income is tax free, as long as it's used for qualified higher education purposes.
    kitty464's Avatar
    kitty464 Posts: 2, Reputation: 1
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    #3

    Feb 7, 2014, 12:29 PM
    Who would be responsible for claiming this if it wasn't used for education purposes? And who is able to use the tuition payments as a write off? Could tuition be used to offset the penalties for early 529 withdrawl?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Feb 7, 2014, 12:52 PM
    Kitty,

    If the 529 withdrawal is LESS than your tuition, then there is no tax due, as the withdrawal is assumed to be used to pay the tuition.
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