AmyC
Expert Alumni

Retirement tax questions

It depends. If all of the 1099-Q went to 529 qualified Room and Board  and Qualified Education Expenses - Internal Revenue Service then there is nothing taxable and nothing to report. A nontaxable transaction should not be entered.  IRS Publication 970, Tax Benefits for Education states:

Page 45: Don't report tax-free distributions (including qualifying rollovers) on your tax return.

 

If there is taxable income, you get to enter it.

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