529 distribution

devw89 — Wed, 25 Oct 2023 18:19:06 GMT

Hey turbotax users. If you have a 529 plan for your student and you claim them as a dependent, when you do their taxes, if there is an AMOUNT OWED, DELETE the 1099-Q information/amounts. Kinda funny how I entered all the information when I originally filed both of my college kids return and they both owed taxes and paid the owed amount. Several days later listened to a financial professional say just don't enter the informaiton. Filed an amended return showing they were owed a refund of the amount paid. Just went back into Turbotax(I update every time I open the program) today, re-entered the 1099- Q info, double checked the 1098-T info and amazingly it now shows a different amount owed on the 1044. So that tells me the Turbotax software wasn't up to date when I filed my return on 4/15/22. Just so you know, I had this issue last year but there was a line on the Federal 2021 form that I was able to delete the amount of the 1099-Q distribution without deleting the all the 1099 information. The 2022 form did not have that line.

Re: 529 distribution

Anonymous_ — Wed, 25 Oct 2023 20:45:17 GMT

Thank you.

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529 distribution

Re: 529 distribution