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Level 2
posted Feb 19, 2024 4:00:16 PM

How to report a 529 Plan Contribution without a 1099-Q Form?

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?

0 3 461
1 Best answer
Expert Alumni
Feb 20, 2024 6:38:12 AM

Contributions to a 529 are after-tax and not federally tax deductible. You report your contribution on your state return. 

 

To report your contribution:

  1. Open NY return.
  2. Continue to the screen Changes to Federal Income.
  3. In the Education Adjustment section, clock start next to NY 529 College Savings Account Activity. 

 

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

3 Replies
Expert Alumni
Feb 20, 2024 6:38:12 AM

Contributions to a 529 are after-tax and not federally tax deductible. You report your contribution on your state return. 

 

To report your contribution:

  1. Open NY return.
  2. Continue to the screen Changes to Federal Income.
  3. In the Education Adjustment section, clock start next to NY 529 College Savings Account Activity. 

 

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

Level 2
Feb 24, 2024 8:56:33 PM

Thank you! That worked.

Level 15
Feb 25, 2024 4:24:29 AM

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.