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I withdrew the balance of my sons 529 account after graduation. How do I enter the earnings portion of this non- qualified 529 withdrawal in turbotax and the 10% penalty?

 
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2 Replies
Hal_Al
Level 15

I withdrew the balance of my sons 529 account after graduation. How do I enter the earnings portion of this non- qualified 529 withdrawal in turbotax and the 10% penalty?

Enter your 1099-Q at  

--ESA and 529 Qualified Tuition Programs (1099-Q)

 

When you do not enter any offsetting expenses, TurboTax will automatically treat the earnings as taxable and apply the 10% penalty.

 

There's currently a glitch in the program when entering expenses, but that should not affect you. 

I withdrew the balance of my sons 529 account after graduation. How do I enter the earnings portion of this non- qualified 529 withdrawal in turbotax and the 10% penalty?

Thanks, I'll give that a try.

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