Get your taxes done using TurboTax

A couple of notes:

* On the TurboTax Home and Business desktop version, I was able to edit the form for the 1099-Q and click that the beneficiary and recipient were the same. I believe that that helped keep it from being listed as taxable.  I had to do that manually, not through the interview.

* I tried entering only the 1099-Q, and it did not impact the taxable income in any way. Unfortunately, the TurboTax IRA Information Worksheet that tracks the basis in Roth IRA contributions did not list any Roth IRA contributions from the 529-to-Roth rollover, and the basis was not updated there.

* I tried adding a Roth IRA contribution for the amount of the rollover, and there was no tax consequences. However, the basis information for the Roth IRA is again wrong since the basis in the rollover is only part of the amount rolled over. The basis information for the rollover is on the 1099-Q form, so TurboTax should be able to compute that correctly (once they update the program).

 

I would like TurboTax to correctly track my daughter's Roth IRA basis. If that can be corrected, I would be grateful.