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Posted

I have looked back at a couple of discussions on this, and I think I'm right, but looking for validation.

Parents phase out of claiming any education credits, income over $200k. Son has no wages. 

Son goes to school out of state. 

Parents funded VA 529 college account for son. 

VA 529 is in son's name. Total distribution was $30,500. Earnings were $11,880.

All of that was spent on college expenses, tuition and fees, supplies and equipment, room and board, etc. 

Correct me if I'm wrong, but 1099Q in son's name is not a taxable event to son.

Parents can claim son on their tax return. 

Posted
3 hours ago, Catherine said:

Correct as it is stated, assuming other requirements (son's age, marital status, full time student etc) are met.

AHHHHHHH AFFIRMATION.... I think I'll contribute in your honor!

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