We set up 529 plans for our grandchildren. They have all graduated so we took the remaining funds as non-qualified distributions and got four 1099Q statements. TurboTax accepted the first two with their split between earnings and basis but won't accept the other two because "they won't have any impact on our taxes". Is there some kind of a limit on how much 1099Q "income" you can report or is this a glitch in TurboTax?
You'll need to sign in or create an account to connect with an expert.
There's no limit on how much 1099-Q income you can report.
Try combining the 1099-Qs and make only one entry
There's no limit on how much 1099-Q income you can report.
Try combining the 1099-Qs and make only one entry
Thanks! That worked. I still think TT needs to clean up the message because it would be easy to be mis-lead.
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.
HollyP
Employee Tax Expert
HollyP
Employee Tax Expert
flatflo
Level 2
user17604719363
Returning Member
fastesthorse
Level 2