For TurboTax Online version to enter Form 1099-Q:
- Open or continue your return
- Select Search, enter 1099-Q and select Jump to 1099-q
- You can also go to Federal, then Deductions & Credits, then Education
- Select Start or Revisit next to ESA and 529 qualified tuition programs (Form 1099-Q)
- Follow the screens to enter your info
For TurboTax Desktop/CD version to enter Form 1099-Q:
- Open or continue your return
- Select Federal Taxes and then Deductions & Credits
- Select I'll choose what I work on
- Under Education, select Start or Update next to ESA and 529 qualified tuition programs (Form 1099-Q)
- Follow the screens to enter your info
You do not need to input the Form 5498-QA for your return as this is provided for your reference. It is used when you need to determine the end of year value of your investment basis in the event of a distribution.
Contributions to ABLE accounts are not deductible on your Federal Tax return; however, they may be deductible on your State return depending on where you live.
Click here for additional information on ABLE accounts.
Click here for IRS Pub 907.
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