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123jenw
New Member

How do I account for multiple distributions of a parent owned 529 plan to different account named beneficiaries but only received 1 combined 1099q?

My husband is the account owner of our 2 dependent college kids 529 plans. We have taken distributions from both of their accounts to pay for their tuition and on campus housing, meal plans & required school fees (all qualified educational expenses). The distributions were taken on separate occasions and from each of their accounts where they are named the beneficiary. However; we only received one 1099Q that combined all of the distributions for 2017. Room and board is only populating as an option for one of my students so now it is appearing that we took out more than we should have and are being taxed on the excess. R&B should count for both students but Turbo Tax is only giving me that option for one student. I suspect because we only received 1 1099q. Can this be fixed? Can I override this?

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1 Reply
Hal_Al
Level 15

How do I account for multiple distributions of a parent owned 529 plan to different account named beneficiaries but only received 1 combined 1099q?

Split the 1099-Q into two separate 1099-Qs at the entry screen in Turbotax. Make the split based on your own records. What you enter is not sent to the IRS.

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