If you have not filed, here are the steps to enter a Form 1099-Q:
In TurboTax online,
- Sign in to your account and select Pick up where you left off
- At the right upper corner, in the search box, type in 1099q and Enter
- Select Jump to 1099q
- Follow prompts
If you have taken out distribution from your 529 plan to pay for any qualified education expenses like the tuition or room and board, a Form 1099-Q is issued. If the distribution doesn’t exceed the amount of the student's qualifying expenses, then you don't have to report any of the distribution. If the distribution exceeds these expenses, then you must report it as income. Who was the Form 1099-Q sent to? The recipient on the form usually reports it on their return. However, if you claim your son as a dependent on your taxes, you would report it on your taxes.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
