MarilynG1
Expert Alumni

Retirement tax questions

If the transfer to a Roth IRA is for the beneficiary (not you as recipient) they can report it on their own return (if required to file).  Otherwise, the Form 1099-Q and Form 5498 reporting the transfer is sufficient for your records.  You may also get a 1099-R from the 529 plan administrator showing the non-taxable transfer. 

 

As long as you made this as a trustee-to-trustee transfer (where the funds went directly to your Roth IRA from the 529 plan) and you did not exceed the $7,000 contribution limit, you do not need to report the transaction at all.

 

If the 1099-Q distribution was for qualified education expenses (excluding the Roth transfer), you're not required to report it in your return.  Here's more detailed info on Form 1099-Q.

 

For more details, see IRS Pub. 970, Page 53.

 

 

@cmomed 

@mccmike44 

@jul_bun_pan 

@McMayo4 

@rxspoons 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"