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I took a 529 plan distribution to pay for private school tuition. TTax says earnings are taxable. How do I correct this?
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June 1, 2019
4:38 PM
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Education
You can just not report the 1099-Q, at all, if your student-beneficiary has sufficient educational expenses (up to $10,000 for K-12) to cover the distribution. When the box 1 amount on form 1099-Q is fully covered by expenses, TurboTax will enter nothing about the 1099-Q on the actual tax forms.
Save the 1099-Q and the Tuition statement with your tax file. There is nothing more you need to do.
June 1, 2019
4:38 PM