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Level 2
posted Jun 1, 2019 8:10:45 AM

ESA to 529 1099-q

Do I need to enter a form 1099-q that I received because I rolled over my childs esa to the 529 fund.  My understanding was since it is a direct rollover there is no need to report it.  I did not use any of the funds and actually never touched them.  The rollover went right to the beneficiary 529 fund.

Do I need to enter this in the software or leave it out?

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1 Best answer
Level 15
Jun 1, 2019 8:10:46 AM

You can leave it out.

  When the box 1 amount on form 1099-Q is fully covered by educational  expenses,  or i rolled over to another qualified plan, TurboTax will enter nothing about the 1099-Q on the actual tax forms. 

1 Replies
Level 15
Jun 1, 2019 8:10:46 AM

You can leave it out.

  When the box 1 amount on form 1099-Q is fully covered by educational  expenses,  or i rolled over to another qualified plan, TurboTax will enter nothing about the 1099-Q on the actual tax forms.