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Education
@MarilynG1 said "However, you are not required to enter the fund transfer reported on Form 1099-Q in a non-taxable situation"
That's good advice. Don't bother to try to enter the 1099-Q, in TurboTax. You just risk making an error. When none of the 1099-Q is taxable, TurboTax will enter nothing about the 1099-Q on the actual tax forms. Nothing is sent to the IRS about your 1099-Q.
Reference: On form 1099-Q, instructions to the recipient reads: "Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return. You must determine the taxability of any distribution."
March 31, 2023
12:26 PM