According to recent reports, Hunter Biden reportedly withdrew approximately $39,820 from his daughter Maisy Biden’s 529 college savings plan back in 2019. This significant sum was taken without properly reporting the withdrawal as income on his federal tax returns. As a result, the Internal Revenue Service (IRS) is now reviewing the situation and weighing the possibility of filing felony tax charges against him.
The 529 plan is specifically designed to help families save for education expenses, and such funds typically come with strict rules regarding withdrawals and tax reporting. Failure to report such withdrawals as income can be seen as an attempt to evade taxes, a serious offense in the eyes of federal law enforcement. The investigation into Hunter Biden’s finances has been ongoing, with this discovery adding to the scrutiny around his tax filings and financial dealings.
If felony charges are pursued, this could have major legal consequences for Hunter Biden, potentially including fines, penalties, and even criminal prosecution. The situation is still developing, and further details are expected as the IRS continues its review. This case has already attracted considerable public and political attention, given Hunter Biden’s high-profile status and ongoing investigations into his business affairs.
