Keep records of those qualified expenses in your tax files. Similarly, you'll receive Form 1099-Q for distributions from 529 plans, but money you used for qualified education expenses aren't taxable.

Robert W. Wood is a tax lawyer focusing on taxes and litigation. Closeup of Form 1099-K, Payment Card and Third Party Network Transactions, an IRS information return ... [+] used to report certain ...

Keep records of those qualified expenses in your tax files. Similarly, you'll receive Form 1099-Q for distributions from 529 plans, but money you used for qualified education expenses aren't taxable.