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I took distributions from our 529 plan to benefit two of my dependent daughters. I only got 1 1099-Q. TTax only lets me designate one recipient. How do I enter?

TTax wants to know the recipient/beneficiary of the distribution  Since I only have one 1099-q, TTax is only allowing one beneficiary to be listed.  How do i enter the second?

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4 Replies
Anita01
New Member

I took distributions from our 529 plan to benefit two of my dependent daughters. I only got 1 1099-Q. TTax only lets me designate one recipient. How do I enter?

While you can have more then one 529 plan, you cannot have more then one beneficiary.  

I took distributions from our 529 plan to benefit two of my dependent daughters. I only got 1 1099-Q. TTax only lets me designate one recipient. How do I enter?

Maybe I should have been more specific.  I have two accounts on which I am the owner.  The beneficiary of account 1 is daughter A; similarly, the beneficiary of account 2 is daughter B.  We took a distribution from each account to pay for their high school tuition expenses. However, I received one 1099-Q showing both distributions. When I enter the 1099-Q information TTax thinks they are taxable distributions. How should I handle this?
Anonymous
Not applicable

I took distributions from our 529 plan to benefit two of my dependent daughters. I only got 1 1099-Q. TTax only lets me designate one recipient. How do I enter?

I have the same exact question.  One Form 1099-Q but two beneficiaries.  TurboTax does not allow you to select more than one beneficiary, which, in my case, makes part of the distribution taxable since it is over the $10k limitation per beneficiary.  A fix would be most appreciated!  

SusanY1
Employee Tax Expert

I took distributions from our 529 plan to benefit two of my dependent daughters. I only got 1 1099-Q. TTax only lets me designate one recipient. How do I enter?

You can actually remove the 1099-Q from your taxes entirely if all of the distribution was used for qualified expenses and you do not have any taxable distribution to report this year. The IRS does not require you to report the information when it is not taxable.  

 

For more information about the 1099-Q click on this link: Guide to IRS Form 1099-Q.

 

 

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