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Retirement tax questions
The 1099-Q should not be entered if all of the money went to qualified expenses. The 1099-Q should only be entered if there is a tax consequence. It is an informational form, not a tax form.
From IRS Publication 970, Tax Benefits for Education:
If the entire 1099-Q went to qualified expenses, room and board, tuition, etc then you do not need to enter the form. Tuition paid for the first 3 months of the next year also qualify, see page 12, What Expenses Qualify, and page 52 for qualified distributions
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‎February 17, 2024
10:42 AM