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Level 2
February 12, 2023
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Non Qualified 1099Q Reporting Limit?

  • February 12, 2023
  • 2 replies
  • 26 views

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?

    Best answer by Hal_Al

    There's no limit on how much 1099-Q income you can report.

    Try combining the 1099-Qs and make only one entry

    2 replies

    Hal_Al
    Level 15
    Hal_AlLevel 15Answer
    Level 15
    February 13, 2023

    There's no limit on how much 1099-Q income you can report.

    Try combining the 1099-Qs and make only one entry

    Level 2
    February 13, 2023

    Thanks! That worked. I still think TT needs to clean up the message because it would be easy to be mis-lead.