I made a 529 contribution at the end of 2023, which is tax deductible for the state of New York.
However, they did not send me a 1099-Q form because I did not make a withdrawal in 2023 (I did one in Jan 2024). They told me my contribution would still be tax deductible, though.
How can I then report this contribution in Turbotax?
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Contributions to a 529 are after-tax and not federally tax deductible. You report your contribution on your state return.
To report your contribution:
If you're a New York State taxpayer and an account owner, you may be able to deduct up to $5,000 ($10,000 if you're married filing jointly) of your Direct Plan contributions
NY 529 college savings program
Contributions to a 529 are after-tax and not federally tax deductible. You report your contribution on your state return.
To report your contribution:
If you're a New York State taxpayer and an account owner, you may be able to deduct up to $5,000 ($10,000 if you're married filing jointly) of your Direct Plan contributions
NY 529 college savings program
Thank you! That worked.
The 1099-Q form is just for distributions (withdrawals). There will be no information about contributions on a 1099-Q. No tax form is issued by the plan administrator for contributions.
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