I have no income but received 1099-Q from my 529. Do I still need to file taxes?

posted

Connect with an expert

1 Best answer

Accepted Solutions

I have no income but received 1099-Q from my 529. Do I still need to file taxes?

Maybe. Form 1099-Q reports distributions and benefits from Coverdell education savings accounts and 529 plans. It's reported on the tax return of the person whose Social Security number is on the form.

The 1099-Q provides three key pieces of information. Box 1 reports your annual distributions or withdrawals from the account. The second box reports the portion of the distribution that represents the income or earnings of your initial investment. Finally, box 3 reports your basis in the distribution. Essentially, this is the amount of your distribution that relates to original contributions you make to the account.

Follow the steps below enter your 1099-Q in TurboTax.

TurboTax Online

TurboTax Desktop

[Edited 2/12/24 | 12:35pm PST]

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

View solution in original post

1 Reply

I have no income but received 1099-Q from my 529. Do I still need to file taxes?

Maybe. Form 1099-Q reports distributions and benefits from Coverdell education savings accounts and 529 plans. It's reported on the tax return of the person whose Social Security number is on the form.

The 1099-Q provides three key pieces of information. Box 1 reports your annual distributions or withdrawals from the account. The second box reports the portion of the distribution that represents the income or earnings of your initial investment. Finally, box 3 reports your basis in the distribution. Essentially, this is the amount of your distribution that relates to original contributions you make to the account.

Follow the steps below enter your 1099-Q in TurboTax.

TurboTax Online

TurboTax Desktop

[Edited 2/12/24 | 12:35pm PST]

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

Still have questions?