How Can I input education expenses for two students I have received only one 1099Q for a 529 account. It will only let me select one dependent from the list?

I have one 529 1099q that is the total of disbursements for two accounts - one for each of my children. Should I split the 1099q and enter it twice so I can select each dependent or is there another way to do this?

1223

Intuit Alumni

Jun 6, 2019 6:39:39 AM

The trustee should have issued a 1099-Q for each account. If used for education, the 1099-Q should be issued to the beneficiary, not the account owner.

You need to know the earnings and contribution for each account and that might not be half each. You'll need to get this information from the financial institution.

To avoid this problem in the future, have the beneficiaries make the distributions, or send the funds directly to the school. That way the 1099-Q will be issued in the student's name.

CLICK HERE for more information on the 1099-Q

CLICK HERE for a guide to the 1099-Q

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How Can I input education expenses for two students I have received only one 1099Q for a 529 account. It will only let me select one dependent from the list?