1099-Q Box 2 Empty

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.

795

Level 15

Mar 24, 2022 4:29:41 PM

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.

Level 1

Mar 27, 2022 9:21:47 AM

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.

Expert Alumni

Mar 27, 2022 5:30:48 PM

If Box 1 and Box 3 are the same amount, there were no earnings in the distribution.

Level 1

Mar 27, 2022 7:47:24 PM

That's what I needed to know! Thank you!

Level 1

Mar 28, 2022 7:59:53 AM

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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1099-Q Box 2 Empty