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New Member
posted Apr 6, 2023 4:58:28 PM

Where do I report 1099-Q earnings within TurboTax?

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3 Replies
Employee Tax Expert
Apr 6, 2023 5:08:17 PM

You don't have to report it if it is not taxable.   Where do I enter a 1099-Q?

 

If the distribution doesn’t exceed the amount of the student's qualifying expenses, then you don't have to report any of the distribution as income on your tax return. If the distribution exceeds these expenses, then you must report the earnings on the excess as "other income" on your tax return. When you pay a student’s school expenses with these funds, you cannot claim a tuition deduction or either of the educational tax credits for the same expense.

New Member
Apr 9, 2023 10:27:37 AM

I need to report the earnings, as other income, I just didn't see where to do that in the income section. Also, it seems like TurboTax should have a list of ALL 1099's. Then I could have selected 1099-Q and got on with it.

Level 7
Apr 9, 2023 2:39:03 PM

Follow the steps below to enter your 1099-Q.

 

Online

 

  1. Open your TurboTax account.
  2. Federal > Deductions & Credits > Education.
  3. ESA and 529 qualified tuition programs (Form 1099-Q).
  4. Start or Revisit.
  5. Follow the screens to enter your information.

 

TurboTax CD/Download

 

  1. Open TurboTax.
  2. Federal > Deductions & Credits.
  3. " Let me choose what I work on."
  4. Scroll to the Education section.
  5. ESA and 529qualified tuitions program Form 1099-Q).
  6. Start or Revisit.
  7. Follow the screens to enter your information.