2023 tax document information

Tax documents can be accessed in January 2024 by logging in to your my529 account.

my529 will send physical copies of the forms by January 31, 2024, to account owners and/or beneficiaries with mail delivery preferences. If you do not receive your tax documents by this date, please log in to your online account or contact my529. Account owners will receive tax forms if they have contributed, withdrew or rolled money into or out of their accounts.

Federal income tax return

IRS Form 1099-Q (Payments From Qualified Education Programs). my529 will send this form if you withdrew funds from your 529 account or rolled over money to another qualified 529 plan from the accounts you owned in 2023. If the withdrawal was sent to the account’s beneficiary or to an eligible educational institution, the beneficiary will receive the 1099-Q.

The 1099-Q reports the total of all withdrawals you made in 2023, without distinguishing between qualified and nonqualified expenses. You do not need to report the distribution on your tax return if you used a withdrawal for qualified education expenses.

If you withdrew funds to pay for nonqualified expenses, the earnings portion is subject to federal income tax as ordinary income. A 10% federal tax penalty on the earnings portion may also apply.

Utah income tax return           

Form TC-675H (my529 Tax Statement for Contributions, Withdrawals and Transfers). my529 will send this form to Utah taxpayers who contributed to, withdrew from, or rolled money into or out of their my529 account(s) in 2023.

Use the form to claim Utah state income tax benefits and/or report nonqualified withdrawals, rollovers and transfers on your 2023 Utah state income tax return. my529 will also send a copy of your TC-675H to the Utah State Tax Commission. You do not need to attach it to your Utah state income tax return. Keep the form to validate your claim for a tax credit in the event of an audit.