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Level 2
posted Jan 27, 2022 5:28:01 PM

Do I need to report my 1099-Q if 100% of the distribution was a qualified educational withdrawl?

My son and I both received 1099-Q's. He is my dependent. All distributions are qualified. Do I need to enter it into TT?

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1 Best answer
Expert Alumni
Jan 27, 2022 5:40:57 PM

Nope.  If all distributions are qualified you're all set.

 

Here's TurboTax guidance on the issue.

2 Replies
Expert Alumni
Jan 27, 2022 5:40:57 PM

Nope.  If all distributions are qualified you're all set.

 

Here's TurboTax guidance on the issue.

Level 2
Jan 27, 2022 5:57:38 PM

Thanks for you prompt and concise response! I am happy to be able to avoid the extra work. I think the Turbo Tax software should as the question "is all of your distribution on the 1099-Q a qualified educational expense?" If it did that, and stated that the 1099Q did not need to be entered, it would have saved a lot of time, frustration and fretting. I saw my tax bill jump up when I entered the 1099-Q and new something was wrong. Thanks!