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Returning Member

529 plan question?

529 $ transferred to my checking account, I wrote check to daughter, she wrote check to university.  I got 1099Q.  All $ went for qualified education expense. How handle on Turbo Tax?

1 Reply
Level 1

529 plan question?

In the search box type 1099-Q, jump to section in Turbo Tax.

You need payers name and ID number, etc.  (This is the Trustee)

Amounts from box 1,2, 3,4,5 (type of program)

Box 6:The person whose SSN is on the 1099-Q has to report the distribution on their tax return.

Distribution Code, State sponsoring the plan and questions about beneficiary.  If the beneficiary is a dependent on on your return, The parent will have to complete the Education Expense Interview and enter 1098-T information.  Room and Board expenses qualify for 1099-Q money.

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