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Filing Taxes
Ask an Expert: Form 1099-Q | Ask an Expert: Form 1099-Q |
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I withdrew funds from a 529 plan to pay my daughter's college tuition. I received a 1099-Q form reporting the distribution. Do I owe tax on this money?
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While nobody likes filing tax returns, most people are rewarded handsomely for their efforts: About 75% of taxpayers get a refund, according to the Internal Revenue Service. In 2005, the average refund rang in at more than $2,000, a nice chunk of change.
| AP - More than 3 million people will have to wait until February to get their tax refunds because of Congress' late fix to the alternative minimum tax, the IRS said Thursday. | |
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