Qualified Tuition Program (529 plan)

Report a qualified tuition program (college savings plan or prepaid tuition plan) and related income in Schedule A.
Qualified Tuition Program: Examples

For You, Your Spouse, and Your Dependent Children

Schedule A

Report a qualified tuition program if the total value was more than $1,000 at the end of the reporting period, or if it produced more than $200 in total income during the reporting period. The specific reporting requirements vary depending on whether you have a college savings plan or a prepaid tuition plan.

College Savings Plan

Block A: Provide the sponsoring state and the type of plan. On the next lines following that entry, you also need to provide the name of each underlying asset within the plan that individually was worth more than $1,000 at the end of the reporting period or produced more than $200 in income during the reporting period.

Block B: For each underlying asset reported, mark the column that corresponds to its value.

EIF: Just to the right of Block B is a column identified as “Excepted Investment Fund” (EIF). The underlying assets within a college saving plan normally will qualify as excepted investment funds. Therefore, you usually will need to mark the “Excepted Investment Fund” column for each underlying asset that you report.

Block C: For each underlying asset reported, mark the “Amount” column that corresponds to the amount of income produced during the reporting period. Report income even if the plan is eligible for tax-deferred treatment or is tax-exempt. You do not need to mark a type of income if you have marked the “Excepted Investment Fund” column.

Prepaid Tuition Plan

Block A: Provide the sponsoring state and the name of the plan.

Block B: Report the value of the plan by marking the appropriate column. If you do not know the current value, you can use the cost of the plan at the time that you purchased it.

EIF: A prepaid tuition plan is not an excepted investment fund (EIF), so you do not need to mark the “Except Investment Fund” column to the right of Block B.

Block C: Report the total amount of income produced during the reporting period by marking the appropriate “Amount” column. There usually is no income to report. If that is the case, check the “None (or less than $201)” column.

 

This guide is not intended to provide investment advice, and you should not rely on statements in this guide when making investment decisions.