I have a tax question (maybe the first of many to come ) which I would appreciate some input on.
Our first DS started college in the fall of 2014.
We have several different college savings accounts - one of which is a 529.
For better or worse (based on web info on pros & cons) DW requested a 529 distribution made payable to her, which she then paid to the college for tuition and on-campus room and board.
We have received the 529 tax form, 1099-Q, which shows the distribution amounts - all used for qualified expenses.
Since she received the distributions - do we need to include 'proof' in our tax return, that the proceeds were then used for qualified expenses so as to avoid possible penalties (say that we didn't use the money for a boat, for example)?
Our first DS started college in the fall of 2014.
We have several different college savings accounts - one of which is a 529.
For better or worse (based on web info on pros & cons) DW requested a 529 distribution made payable to her, which she then paid to the college for tuition and on-campus room and board.
We have received the 529 tax form, 1099-Q, which shows the distribution amounts - all used for qualified expenses.
Since she received the distributions - do we need to include 'proof' in our tax return, that the proceeds were then used for qualified expenses so as to avoid possible penalties (say that we didn't use the money for a boat, for example)?