Nothing To Report With The Section 529 Plans
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If you are thinking of setting up some section 529 plans but still do not know if it's for you or not, here is a little something to help you out. At the end of the year you are will not get a 1099 to report your taxable or nontaxable earnings. Until the year you make your first withdrawals, you are not going to have to deal with any of that. This makes filing your taxes a lot easier at the end of the year. After all, a 1099 is a way to report earnings to the IRS that you make from something other than a place that you are employed. However, this is something hat you are not going to have to concern yourself with.