The earnings distribution was not used for educational expenses. The basis portion of the withdrawal is not taxable But the earnings portion is. Where on my federal return do I enter these earnings?
How is the 10% reported as well?
You'll need to sign in or create an account to connect with an expert.
You have to enter your 1099-Q in TurboTax. As you do not have education expenses, TurboTax will automatically tax the earnings and calculate the penalty of 10% and include them in your tax return.
In TurboTax, you can enter your form 1099-Q by following these steps:
You have to enter your 1099-Q in TurboTax. As you do not have education expenses, TurboTax will automatically tax the earnings and calculate the penalty of 10% and include them in your tax return.
In TurboTax, you can enter your form 1099-Q by following these steps:
So I have entered the 1099Q information as instructed. However, while it lists the expense on the form, it has not calculated the penalty or changed the total. Am I missing something? Is there another step?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
madwoman8
New Member
Happylala
Level 2
tammy1224
Returning Member
JonP1969
New Member
Jmalibu
Level 1
in Education