Hal_Al
Level 15

Education

If you have decided that the entire amount (the earnings portion $5553) of the 1099-Q is taxable (and don't want to work on reducing the tax as described on my other reply; here's the short cut in TurboTax:

 

Enter the 1099-Q. Enter the 1098-T (20,000 in box 1 and at least 20,000 in box 5).  Don't bother with any other numbers.  For the result, verify that $5553 is shown on line 8z of Schedule 1 and that form 5329 is generated and  shows no penalty.

 

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