turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

1099-Q unqualified withdrawal on taxes

I reported 2 1099-Q forms in my TurboTax Deluxe software as income because they were unqualified withdrawals. Upon review, I noticed the amounts show up under wages & also the deductions tabs. Is this correct?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
ThomasM125
Expert Alumni

1099-Q unqualified withdrawal on taxes

No, there should not be a deduction associated with the Form 1099-Q entry. I suggest you look at your Schedule 1 where you will see the income reported on line 8(z). You shouldn't see a deduction for that anywhere else on that schedule, and that is the only place such a deduction would show up on your tax return.

 

It is possible you a seeing where the education plan distribution is being matched with your room and board expenses listed in the section where you enter your Form 1098-T. To the extent you use your education plan money to pay for room and board it is not taxable. But that is not a deduction listed on your tax return.

 

To view your form 1040 and schedule 1 to 3:

 

  1. Choose Tax Tools from your left menu bar in TurboTax Online while working in your program
  2. Choose Tools
  3. Choose View Tax Summary
  4. See the Preview my 1040 option in the left menu bar and click on it
  5. Choose the Back option in the left menu bar when you are done 
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question