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New Member
posted Jun 1, 2019 7:50:45 PM

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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2 Replies
Alumni
Jun 1, 2019 7:50:46 PM

You have to report the total distribution, and how it was used.

Level 5
Jun 1, 2019 7:50:47 PM

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.