turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

The option for the College Savings 529 Plan is not available on the education section on Turbo Tax. How do I claim this if there's no place to claim it?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
Hal_Al
Level 15

The option for the College Savings 529 Plan is not available on the education section on Turbo Tax. How do I claim this if there's no place to claim it?

There is no federal deduction for making a contribution to a 529 plan. So, you do not enter it anywhere in the federal program. Some states allow a deduction on the state return. If your state is one, it will come up in the state interview. For a list, see:

http://www.savingforcollege.com/compare_529_plans/index.php?page=compare_plan_questions&plan_questio...

_____________________________________________________________________________________________________

If you asking about a 529 plan distribution (withdrawal), type> 1099-Q <in the find box.

Alternatively; you can just not report the 1099-Q, at all, if your student-beneficiary has sufficient educational expenses, including room & board (even if he lives at home) to cover the distribution. You would still have to do the math to see if there were enough expenses left over for you to claim the tuition credit.   When the box 1 amount on form 1099-Q is fully covered by expenses, TurboTax will enter nothing about the 1099-Q on the actual tax forms. But, it will prepare a 1099-Q worksheet for your records, in case of an IRS inquiry.


Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question