- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
When you report a contribution, you report what you PUT INTO the account in 2018.
A 1099-Q with Box 1, (Distribution) Box 2 (Earnings) and Box 3 (Basis) is reported when a distribution is TAKEN OUT OF an account.
Please report the 1099-Q in the "Education Section" on the Federal return under "Deductions & Credits" or a contribution on the state return.
Also, if this is a 1099-Q for a distribution used for education, it should be entered into the same TurboTax program that enters the 1098-T so that the TurboTax program can make the proper calculations.
‎June 1, 2019
11:08 AM