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I am being prevented from filing because of a recent law passed by congress regarding QTP distributions. My QTP distributions are far below my education expenses. Help!
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I am being prevented from filing because of a recent law passed by congress regarding QTP distributions. My QTP distributions are far below my education expenses. Help!
Since Congress passed the Tax Reform Law in late December 2019, unfortunately, we have to wait until the final forms are approved by IRS. Please check for updates next week.
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I am being prevented from filing because of a recent law passed by congress regarding QTP distributions. My QTP distributions are far below my education expenses. Help!
It is because you need Form 1099-Q and that is found here. https://www.irs.gov/pub/irs-pdf/f1099q.pdf
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I am being prevented from filing because of a recent law passed by congress regarding QTP distributions. My QTP distributions are far below my education expenses. Help!
If you are getting the message that you cannot file because of the tax law change AND if your distribution from a Coverdell ESA or 529 College Savings plan was used only for qualifying education expenses, you are not affected by this change and you can remove Form 1099-Q from TurboTax and file your tax return.
The IRS does not require the form to be included on a tax return unless there are taxable distributions.
To remove the form:
- Login to your account at TurboTax.com.
- Click on the Search Tool (magnifying glass) in the upper right of TurboTax.
- Enter the search term 1099Q.
- Click on the Jump to link that appears.
- On the Form 1099-Q Summary screen, click Delete beside the form.
- Click Done at the bottom of the screen.
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I am being prevented from filing because of a recent law passed by congress regarding QTP distributions. My QTP distributions are far below my education expenses. Help!
Right but the question obviously is, they ARE affected by the change and Turbo Tax is refusing to file and not saying why. Hence, the reason why is that Form 1099-Q is required and Turbo Tax for some reason is not providing that form. It's a pretty simple question.
We're not talking about some rare scenario in which Turbo Tax has incorrectly brought up a form which is not needed and no one is asking anything about how to delete forms.
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I am being prevented from filing because of a recent law passed by congress regarding QTP distributions. My QTP distributions are far below my education expenses. Help!
TurboTax does not supply Form 1099-Q just like it does not provide Form W-2.
Form 1099-Q is issued from a financial institution to a recipient of a withdrawal from a 529 or other college education savings account.
If you reported a withdraw of funds, you should have been a recipient of a 1099-Q.
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