turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Does Turbo Tax not count computer deductions when reporting expenses for 1099-Q as qualified expenses for a 529?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
LinaJ2020
Expert Alumni

Does Turbo Tax not count computer deductions when reporting expenses for 1099-Q as qualified expenses for a 529?

 

 

The program should have counted it as part of the 529 plan expenses.  It is a qualified education expense for a 529 plan. 

 

https://www.irs.gov/newsroom/529-plans-questions-and-answers ( Question #4)

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Does Turbo Tax not count computer deductions when reporting expenses for 1099-Q as qualified expenses for a 529?

It did not, it only took books off of the taxable amount.

Does Turbo Tax not count computer deductions when reporting expenses for 1099-Q as qualified expenses for a 529?

did you report the computer expenses?  

 

can you share some of the numbers that makes you believe TT did not deduct the computer expenses from the 1099-Q?   

 

the expenses don't come off 'the taxable amount'; they come off the BOX 1 entry.  What did you mean by 'the taxable amount'? 

 

Let's say the 1099-Q distribution was $5,000 (Box 1) and $1,000 (box 2) and you had $3000 of qualified expenses  and that is all.  Then that would leave $2,000 or 40% of Box 1 with no expenses (i.e. too ,much was distributed).  that would mean that 40% of the $1000 from Box 2 would be taxable.  

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question