For folks who've recontributed to a 529, in the IRS-approved way (college refunds and perhaps similar stuff, recontributed within 60 days), how has your 529 program treated them?
We had, across 3 529 accounts, all with Missouri's program (MOST), 3 recontributions in 2023, all of which were, I think, accompanied by or followed up by a letter indicating they were recontributions, but all of which were treated by MOST as fresh contributions.
In turn, that means that the 1099-Q amounts (gross distribution) is too high.
I don't know if this is a shortcoming on the part of MOST, some failure on our part (I don't think the general contribution form had a way to indicate "recontribution", thus accompanying/follow-up letters), or what.
Have others recontributed to your state's 529s, and how have those recontributions been treated/classified?
We had, across 3 529 accounts, all with Missouri's program (MOST), 3 recontributions in 2023, all of which were, I think, accompanied by or followed up by a letter indicating they were recontributions, but all of which were treated by MOST as fresh contributions.
In turn, that means that the 1099-Q amounts (gross distribution) is too high.
I don't know if this is a shortcoming on the part of MOST, some failure on our part (I don't think the general contribution form had a way to indicate "recontribution", thus accompanying/follow-up letters), or what.
Have others recontributed to your state's 529s, and how have those recontributions been treated/classified?
Statistics: Posted by psteinx — Fri Sep 13, 2024 11:19 am — Replies 2 — Views 79