- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Saving for College "529 to Roth IRA" article by Jeff White posted Jan 16, 2025 has a link to state by state info regarding deductibility of 529 to Roth rollovers. Note that rollovers to Roths are NOT considered contributions so they can not be recharacterized if needed - see IRS website on retirement plan FAQs for mre details.
The 529 plan administrator will provide a 1099-Q showing the trustee-to-trustee distribution (in my case that came from Illinois' Bright Start) but I can find no guidance within TurboTax or at this community forum as to how to enter the info as anything other that stating it is for a qualified expense. Would appreciate some advice here (another post "529 Rollover to Roth in 2024" cites the same issue).
Per IRS instructions for Form 1099-R pages 2 and 23, the 529 rollover to Roth will be reported as Box 10 on Form 5498 (just as would any normal contribution). This should come from the institution managing the Roth but of course those forms typically don't get released until May, after the tax filing date.