- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Education
That's true Maryiln, but there are some benefits to entering it (and TurboTax getting the calculations right). If on some future return (or even the current) you have overdrawn from your education plan and do owe taxes, you want Turbotax to calculate them properly for you. Right now it won't without some manual intervention to fix the issue that has been described here. The other reason to enter 1099Q info is you want Turbotax to carry forward the proper cost basis from year to year so it can properly calculate owed taxes on just the earnings portion of the over withdrawal, not on the entire over withdrawal.
‎June 4, 2019
12:48 PM