I have a similar question. I followed how to handle parent/dependent student breakouts (which you clarified on another thread before I found this one). But I have an additional question regarding the 1099-Q.
Some background: Snail mail messed up our plans. College bill was due early January, so we requested the ESA money in mid-December, but it didn't arrive in time to pay the college in December. We did the rollover (indirect back into the same account) in the 60 day period to avoid getting hit with taxes/penalties, fearing we would not have nearly enough expenses to cover what was 'distributed' in 2020 vs. costs actually PAID in 2020. The Basis and Earnings boxes were blank, so I followed the process outlined in this thread. ... except I did it using #'s where the rollover is accounted for, rather than what is actually on the 1099Q. Fear explaining poorly.
Dist 1: $3830
Dist 2: $3287 (Dec 2020)
Dist 2 was fully re-invested by indirect rollover within 60 days
1099Q as received shows:
Gross Dist: $7117
Earnings: blank
Basis: blank
FMV: $8037
So in the 1099Q info request in TT I put:
Gross Dist: $7177
Earnings: $2384
Basis: $1445
and wherever it asks about FMV: $11,324
But I figured Earnings, Basis, and FMV based on the rollover being done. Is that right? Of do I figure Earnings and Basis and enter FMV based on what is actually on the form since the rollover is asked about in follow up questions?
Thanks!
