KrisD15
Expert Alumni

Get your taxes done using TurboTax

Since this is a new tax regulation, the particulars on a 529 plan rolled over to Roth IRA are still cloudy, so verify with the plan trustee, however I assume a rollover done in 2025 can count as a contribution for tax year 2024 if done before the due date of the return (April 15, 2025) just like any other contribution. 

 

If you receive form 1099-Q,  you would not report/enter it. Keep it with your tax file. 

For your New York return, you will get to a "Changes to Federal Income" page where you would report the rollover distribution under "Education adjustments".  That will flow to Form IT-225

 

It needs to be a direct trustee-to-trustee rollover.


According to the IRS:
“A Roth IRA for the benefit of the same beneficiary, if the distribution is a direct trustee-to-trustee transfer from a QTP account that has been open for more than 15 years and the amount distributed does not exceed total contributions (and attributable earnings) made to the QTP more than 5 years before the distribution date.”
 

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