Tax consequences of liquidating 529
Also keep the forms you receive showing your investment income (Forms 1099-INT, Interest Income, and 1099-DIV, Dividends and Distributions, for example) as an important part of your records. The NIIT is a 3.8% tax on the lesser of your net investment income or the amount of your modified adjusted gross income (MAGI) that is over a threshold amount based on your filing status.A child born on January 1, 1999, is considered to be age 18 at the end of 2016; a child born on January 1, 1998, is considered to be age 19 at the end of 2016; a child born on January 1, 1993, is considered to be age 24 at the end of 2016.
Please call us at 800-433-9196 and provide reference number SWAF-18.d59c9bd5.1513820950.b0b46d9f.
Visit gov/formspubs to download forms and publications.
Otherwise, you can go to gov/orderforms to order current and prior-year forms and instructions. You should keep a list showing sources and investment income amounts you receive during the year.
The tax rules that apply to retirement plan distributions are explained in the following publications.
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