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1099-Q
I have one 1099-Q form from the IRS that has 16 different account numbers. TurboTax Online will only allow me to enter 10 account numbers before it bounces me out and says I'm all done. How can I add the additional 6 accounts?
Hal_AlAnswer
Level 15
February 17, 2021
My apologies that I'm confusing you.
There were no expenses or monies withdrawn from any of the accounts. All we did is roll/transfer four 529 accounts for our 4 grandchildren from one financial institution (American Funds) to another (Fidelity).
The original institution, American Funds, sent us one 1099-Q with 16 entries for the 16 funds we rolled over to Fidelity:
- Our 3 granddaughter's accounts have 5 funds each (shows as 15 lines on the 1099-Q).
- Our grandson has 1 fund (shows as 1 line on the 1099-Q).
Each of the 16 lines show the account numbers, gross distribution, earnings, basis, trustee to trustee transfer marked with X's, the distribution type and check if the recipient is not the designated beneficiary.
My issue is that Turbo Tax will only allow me to enter the information of 10 of the lines into Turbo Tax.
If I understand your last response correctly, since there were no taxable distributions, we don't need to report it on our income tax return.
If my understanding is incorrect, then how can I enter the additional 6 lines of fund transfer information into Turbo Tax if Turbo Tax database only allows 10 lines of information?
I can't thank you enough for trying to understand my issue and responding to it.
Just don't enter the 1099-Q in TurboTax. When the box 1 amount on form 1099-Q is fully covered by expenses, or ROLLED OVER to another education account, TurboTax will enter nothing about the 1099-Q on the actual tax forms. But, it will prepare a 1099-Q worksheet for your records (the work sheet isn't going to tell you anything that will help with an IRS inquiry). You'll need to show it went to another trustee.
On form 1099-Q, instructions to the recipient reads: "Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return. You must determine the taxability of any distribution."
Otherwise, you will need to "double up". Add the numbers together so you make fewer entries.
