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Level 1
posted Apr 7, 2024 5:13:23 AM

Forgot to add form 1099-Q

After I submitted the tax returns, I realized I didn’t add 1099-R.  The 1099-R does not have distributions, transferred the 529 money from one financial institution to another one. No financial impact.  Do I still need to file amendment?

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1 Replies
Level 15
Apr 7, 2024 5:18:46 AM

Q. The 1099-Q does not have distributions, transferred the 529 money from one financial institution to another one. No financial impact.  Do I still need to file amendment?

A. No. The 1099-Q is only an informational document.  It does not need to be entered onto your tax return or into the TurboTax program. 

 

When the box 1 amount on form 1099-Q is fully covered by expenses, including rollovers (transfers) TurboTax will enter nothing about the 1099-Q on the actual tax forms. But, it will prepare a 1099-Q worksheet for your records. 

References:

  1. On form 1099-Q, instructions to the recipient reads: "Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return. You must determine the taxability of any distribution."
  2. IRS Pub 970 states: “Generally, distributions are tax free if they aren't more than the beneficiary's AQEE for the year. Don't report tax-free distributions (including qualifying rollovers) on your tax return