I'm not seeing how to do it. I have desktop (download) Deluxe. I have flagged this issue to the TurboTax Moderators. I'll post here, when I hear from them.
In the mean time, I believe this statement still applies:
Just don't enter the 1099-Q in TurboTax. When the box 1 amount on form 1099-Q is fully covered by expenses, or ROLLED OVER to another qualified account, TurboTax will enter nothing about the 1099-Q on the actual tax forms. But, it will prepare a 1099-Q worksheet for your records (the work sheet isn't going to tell you anything that will help with an IRS inquiry). You'll need to show it went to another trustee.
On form 1099-Q, instructions to the recipient reads: "Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return. You must determine the taxability of any distribution."
But, you need to be sure that you meet all the new rules:
- $7000 yearly limit
- Your 529 savings account must be open for over 15 years before funds can be rolled over into a Roth IRA.
- It must be a trustee to trustee rollover (the trustee to trustee rollover box will be checked on the 1099-Q)
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the Roth IRA must be in the beneficiary’s name
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529 contributions made within the preceding five years cannot be rolled over.
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Beneficiary must have earned income that year of at least the amount transferred
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$35K lifetime maximum (2024 is the 1st year that the Roth rollover is allowed, so this isn't an issue yet)
