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Retirement tax questions
To properly report a rollover this year, we recommend ignoring the amount of the rollover reported on 1099-Q (it is only required to be entered when reporting a taxable distribution) and entering the amount rolled over as a regular Roth IRA contribution (for proper tracking of these contributions.) If other amounts were distributed that should be entered into TurboTax, please reduce the amount in Box 1 by the amount that was deposited into the Roth IRA.
Since taxpayers have already received form 1099-Q for the 2024 tax year, I wouldn't expect the revised edition of this form to be in use until tax year 2025 (by 529 plan administrators or tax software, including TurboTax).
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March 25, 2025
12:28 PM
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