KrisD15
Expert Alumni

Get your taxes done using TurboTax

The IRS recommends that a 529 rollover to Roth needn't be reported. 

 

TurboTax does like to keep track of Roth account balances as a courtesy, but it is not mandatory. 

You, and/or your financial institution can keep track of that for future reference. The earnings portion would need to be known for an early withdrawal . 

 

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. However, this doesn't apply to the extent the amount distributed when added to other amounts contributed to Roth IRAs exceeds the annual contribution limit. For more information about contributions to Roth IRAs, see Pub. 590-A.”
“Don't report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040, 1040-SR, or 1040-NR. These aren't taxable distributions.”
 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post