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mikecap
New Member

How can I ensure that I am not being taxed on a 529 rollover? I have entered the information from the 1099-Q but on my year over year comparison, I see as income.

 
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ChristinaS
New Member

How can I ensure that I am not being taxed on a 529 rollover? I have entered the information from the 1099-Q but on my year over year comparison, I see as income.

Anything you literally input is shown on the summary screen. That verifies data entry and nothing more. If you indicated that you did a rollover, you are not being taxed on it.

You can view your 1040 here:

  • My Account
  • View Tax Summary
  • Preview 1040
  • look at line 21. This is where it would go if taxed.

529 rollovers or nontaxable distributions aren't reported on the 1040. Only taxable distributions end up on Line 21. Any worksheets declaring the rollover don't "go anywhere". So, please retain proof of the rollover with your tax records.

There is no tax form which declares that you've done this rollover. It simply doesn't get reported.

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1 Reply
ChristinaS
New Member

How can I ensure that I am not being taxed on a 529 rollover? I have entered the information from the 1099-Q but on my year over year comparison, I see as income.

Anything you literally input is shown on the summary screen. That verifies data entry and nothing more. If you indicated that you did a rollover, you are not being taxed on it.

You can view your 1040 here:

  • My Account
  • View Tax Summary
  • Preview 1040
  • look at line 21. This is where it would go if taxed.

529 rollovers or nontaxable distributions aren't reported on the 1040. Only taxable distributions end up on Line 21. Any worksheets declaring the rollover don't "go anywhere". So, please retain proof of the rollover with your tax records.

There is no tax form which declares that you've done this rollover. It simply doesn't get reported.

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