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Reporting payments made to a 529 plan
November 1, 2022
Q. We're making payments to a study participant by contributing to a 529 plan for which they are the account owner. Can you confirm the payment is 1099 reportable to the study participant and if so, on a 1099-MISC box 3?
Can you also confirm it will be taxable to the participant?
A.
(Answered by IOFM's third-party tax experts)
Yes, the payment is income to the study participant reportable in box 3 of Form 1099-MISC. The individual has merely directed you where to deposit their income, not…
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