Knowing Basis for Coverdell ESA Account

Hello,

My oldest started college last year and I'm entering the 1099-Q on Turbotax.

Turbotax is asking me for the basis for our Coverdell ESA for 2023, before we took our first distributions in 2024. I checked past statements, but our investment company doesn't appear to have record of the basis. We have contributed different amount different years. The account also changed custodians a few years ago.

All of our distributions have gone towards qualified educational expenses.

Does the basis have to be entered? Can it be estimated? Thanks! David

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Knowing Basis for Coverdell ESA Account

If your 1099-Q was entirely used for qualified educational expenses then you don't have to enter it on your tax return at all. So just skip that.

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Knowing Basis for Coverdell ESA Account

If your 1099-Q was entirely used for qualified educational expenses then you don't have to enter it on your tax return at all. So just skip that.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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