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devw89
New Member

529 distribution

 Hey turbotax users.  If you have a 529 plan for your student and you claim them as a dependent, when you do their taxes, if there is an AMOUNT OWED,  DELETE  the 1099-Q information/amounts. Kinda funny how I entered all the information when I originally filed both of my college kids return and they both owed taxes and paid the owed amount.   Several days later listened to a financial professional say just don't enter the informaiton.  Filed an amended return showing they were owed a refund of the amount paid.  Just went back into Turbotax(I update every time I open the program) today, re-entered the 1099- Q info, double checked the 1098-T info and amazingly it now shows a different amount owed on the 1044.  So that tells me the Turbotax software wasn't up to date when I filed my return on 4/15/22.  Just so you know, I had this issue last year but there was a line on the Federal 2021 form that I was able to delete the amount of the 1099-Q distribution without deleting the all the 1099 information.  The 2022 form did not have that line.

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529 distribution

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