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Get your taxes done using TurboTax
Thanks for taking the time to answer my query. Another way one can try to understand your response is:
- Scenario 1: Withdrawal from Coverdell ESA is LESS THAN or EQUAL to the amount used for qualified expenses
- In this case there is no need to report 1099-Q and 1099-T forms i.e. not reference them in TurboTax
- Scenario 2: Withdrawal from Coverdell ESA is MORE than the amount used for qualified expenses
- In this case the excess amount must be reported and it should be on the tax return of the RECIPIENT
In my case it is scenario 1 that is binding. As suggested I will simply ignore entering/referencing forms 1099-Q and 1099-T
Regards,
Ramesh
March 25, 2023
3:50 PM