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arlynd
Level 2

There is no beneficiary listed on the 1099-Q How do I answer the turbo ttax questions that requires this answer?

 
5 Replies
RayW7
Expert Alumni

There is no beneficiary listed on the 1099-Q How do I answer the turbo ttax questions that requires this answer?

List the designated beneficiary as the recipient only if the distribution is made

(a) directly to the designated beneficiary, or

(b) to an eligible educational institution for the benefit of the designated beneficiary.

 

Otherwise, list the account owner as the recipient of the distribution. Enter the TIN for the applicable recipient. Coverdell ESA. Enter the name and TIN of the designated

arlynd
Level 2

There is no beneficiary listed on the 1099-Q How do I answer the turbo ttax questions that requires this answer?

I don't think you read the question. There is NO beneficiary listed on the 1099-Q, How do I answer the "required" turbotax question of "Who is the beneficiary listed in the 1099-q?" No matter what I answer it is not correct.

ThomasM125
Employee Tax Expert

There is no beneficiary listed on the 1099-Q How do I answer the turbo ttax questions that requires this answer?

TurboTax is trying to determine who is benefiting from the distribution, as that individual may have a tax liability associated with it. If the beneficiary is your child, then you should enter the form on his or her tax return.

 

The beneficiary should be listed as the recipient on the form 1099-Q if the funds went to him or her or on their behalf to the school. So, the recipient of the form should be the beneficiary if it is not listed.

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arlynd
Level 2

There is no beneficiary listed on the 1099-Q How do I answer the turbo ttax questions that requires this answer?

Still didn't answer the question - How do I "satisfy" TurboTax? There is NO beneficiary listed and TurboTax won't continue without me completing the question. Do I LIE and list a beneficiary even though there is none on the form?

MaryM428
Level 10

There is no beneficiary listed on the 1099-Q How do I answer the turbo ttax questions that requires this answer?

The beneficiary is the person on whom the education savings will be spent.  In most cases, the owner of the 529 or Coverdell is a parent or grandparent and the beneficiary is their child or grandchild.  You put the information for the person whose school expenses were paid with the withdrawal.  It does not matter if the beneficiary is not named on the 1099-Q form, but you do need to name a beneficiary in TurboTax.

 

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