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sbridge-3
New Member

Where do I enter the 10% penalty on 529 withdrawal in excess of expenses? How do I calculate the 10%. Using Deluxe turbotax.

 
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Accepted Solutions
KrisD
Intuit Alumni

Where do I enter the 10% penalty on 529 withdrawal in excess of expenses? How do I calculate the 10%. Using Deluxe turbotax.

After you enter the 1099-Q and answer the interview questions regarding the distribution, if there are no education expenses reported, the penalty will be calculated and assessed. 

The tax is reported by the recipient of the 1099-Q, the person listed on the distribution form 1099-Q. 

[Edited 03.12.18 |8:27AM]

View solution in original post

3 Replies
KrisD
Intuit Alumni

Where do I enter the 10% penalty on 529 withdrawal in excess of expenses? How do I calculate the 10%. Using Deluxe turbotax.

After you enter the 1099-Q and answer the interview questions regarding the distribution, if there are no education expenses reported, the penalty will be calculated and assessed. 

The tax is reported by the recipient of the 1099-Q, the person listed on the distribution form 1099-Q. 

[Edited 03.12.18 |8:27AM]

sbridge-3
New Member

Where do I enter the 10% penalty on 529 withdrawal in excess of expenses? How do I calculate the 10%. Using Deluxe turbotax.

Where?
KrisD
Intuit Alumni

Where do I enter the 10% penalty on 529 withdrawal in excess of expenses? How do I calculate the 10%. Using Deluxe turbotax.

Line 59 of the 1040. I have added screenshots in original answer. The tax goes on the tax return of the recipient.
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