in Education
2616418
On our 1099-Q notification, Box 2 is blank. The state education contract was canceled by us because of unused college credits. Does that mean Box 2 can be considered "zero"? Boxes 1 and 3 have the same amount.
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In the TT program do NOT fill in zeros when boxes on the form are blank ... simply leave them blank in the program as well.
So there is no calculation or a mistake on the part of the issuer? I'm confused because I thought it is income returned that was previously invested before taxes. I did see that the income could be classified as a return of investment which may have had no gain.
If Box 1 and Box 3 are the same amount, there were no earnings in the distribution.
That's what I needed to know! Thank you!
TT would not let me file unless there was a number in box 2. Despite your advice, I had no choice but to enter a "0". If it was to be left blank, then TT has an error. If the "0" doesn't matter, then all should be well. I hope.
Thank you.
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