We do not yet know when the program will have the necessary information to process distributions from qualified tuition programs (QTP) that may have been previously taxable.
If you do not have a taxable distribution from a QTP, you are not required to include the data from your 1099-Q on your tax return. You can safely remove it and file your return now.
You would not have a taxable distribution to report if you used all funds from a QTP for qualifying education expenses such as tuition, room, board, fees, books, and supplies.
If you are not sure if you are affected by the recent changes in the tax laws you can:
- Wait for TurboTax to be updated (while we do not have an estimated date, most updates happen fairly rapidly).
- File your return without the data related to your distribution and file an amended tax return once the updates are released. If you opt to file an amended return, be sure to do so before April 15, 2020, to avoid interest or late payment penalties on any additional tax owed.
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