KrisD15
Expert Alumni

Retirement tax questions

If the rollover is non-taxable, don't enter the 1099-Q.

 

According to the IRS Pub 907

"Contribution limitation. The total annual contributions to an ABLE account (including amounts rolled over from a section 529 account, but not other amounts received in rollovers and/or program-to-program transfers between ABLE accounts) are limited to the annual gift tax exclusion amount ($17,000 for 2023),..."

 

According to the IRS Pub 970

"An amount is rolled over if it's paid to an ABLE account or another QTP within 60 days after the date of the distribution. 

Don't report qualifying rollovers (those that meet the above criteria) anywhere on Form 1040, 1040-SR, or 1040-NR. These aren't taxable distributions."

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