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Do I need to include a 529 distribution as income if it was use to cover tuition and room and board with no excess amounts left over?
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Do I need to include a 529 distribution as income if it was use to cover tuition and room and board with no excess amounts left over?
You have to report the total distribution, and how it was used.
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Do I need to include a 529 distribution as income if it was use to cover tuition and room and board with no excess amounts left over?
You should have received a 1099-Q from the financial institution that administers your 529. You will need to enter that information in the 529 section within the Deductions & Credits section of TurboTax. Separately, in the 1098-T section of Deductions and Credits, you will enter the amount paid for tuition or room and board which should be reconciled with what you withdrew from the 529.
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