My son meets the requirements for rolling over $7000 in excess 529 funds (a combination of funds from two 529 accounts) to his Roth account as his 2024 contribution. We understand that he has until April 15, 2025 to take this action, but he is planning to do this within the next 2 weeks as he completes his federal and California state income tax forms. He does not yet have the corresponding 1099-Q.
1) Is it correct to assume that he doesn't have to wait for the 1099-Q to file his federal return since there is no entry required in TT for this 1099-Q?
2) Because CA does not comply with the federal law for 529 to Roth rollovers, the earnings portion of the distribution does have to be entered in TT, does he needs to wait until the 1099-Q arrives or can he just enter the earnings portion indicated to him by the 529 representative on the phone as an adjustment to income? He has already seen the directions that TT expert AmyC has posted on how to do this.
