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While a rollover is considered a withdrawal from a 529 plan, it’s treated as a contribution to a Roth IRA.

During tax season, the person who owns the Roth IRA receives two documents: Form 1099-Q and Form 5498. These are for recordkeeping and don’t need to be submitted with a tax return.

For more information about these forms, visit IRS.gov or contact a tax professional.

Form 1099-Q

• This form shows the withdrawal from the 529 account. Invest529 (formerly Virginia529) issues this form, and a copy is sent to the IRS by the end of January.
• A paper copy is mailed to the address of the beneficiary listed on the original Roth IRA rollover request.
• A digital copy is also available. The Invest529 account owner and their beneficiary get an email when this document is ready. But only beneficiaries can view this document online.
• If a beneficiary already has an Invest529 web login, they can sign into their online account to view the form. If they do not have a web login, they can create one.

Form 5498

• This form shows Roth IRA contributions. The Roth IRA provider issues this form to its account owner, and a copy is sent to the IRS. Usually, this document is received once or twice a year, depending on the contributions.
• For Form 5498, Roth IRA accounts owners ask their providers for details about getting the document.