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Level 2
posted Mar 25, 2024 2:03:40 PM

529 Contribution Made In Error

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.

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2 Replies
Expert Alumni
Mar 27, 2024 3:28:46 PM

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? 

Level 2
Mar 27, 2024 3:57:56 PM

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.