I had a withdrawal taken from my child's 529, payable to the child, for payment of her federal student loan. We are working her NYS return now - she is no longer my dependent so it's her own return. TT is asking for all the contributions from 1998 to 2023.
1) why are they asking? she made NO contributions, only I did.
2) there were several rollover contributions after a divorce, after we no longer lived in NY.
3) there were Upromise contributions - none of which were reported on any NY tax returns thus received no NY state tax benefit.
4) should we enter 0, or just the total of the contributions made while we were living in NY?
Thanks!
You'll need to sign in or create an account to connect with an expert.
Making a distribution to pay the student's student loans is considered a non-qualifying distribution for New York state.
You should report all the contributions made to that account no matter who made them.
Roll-overs would count if the roll-over did not include earnings and had not been adjusted by any tax credit/subtractions.
New York will tax this distribution UNLESS the distribution is a return of your contribution only and does not include Earnings or tax adjustments/modifications.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
OrangeRob
New Member
dolphin83
New Member
tman2703
New Member
megane
New Member
TomG6
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.