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?
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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?
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