topic 529 Contribution Made In Error in State tax filing

529 Contribution Made In Error

fredgbarb — Mon, 25 Mar 2024 21:03:40 GMT

I made a contribution to my 529 plan for my grandchildren in error. I accidentally deposited $10,000.00 into their account and when I noticed that I had done that I directed my broker to sell $10,000.00 from the fund. I now have a "loss" of $55.87.............how do I report this to the IRS using TurboTax so that I don't have a taxable situation? Please help..........thanks.

Re: 529 Contribution Made In Error

AmyC — Wed, 27 Mar 2024 22:28:46 GMT

Since you made the contribution and corrected it, I assume you have a 1099-B to handle the loss on the sale. Do you have a 1099-Q? If so, what numbers are in which boxes?

Re: 529 Contribution Made In Error

fredgbarb — Wed, 27 Mar 2024 22:57:56 GMT

Thanks for your reply. I'm sorry but I don't have the 1099Q yet. I made the error in 2024 so I was just seeing what my options were before filing next year.