I reported the allowed amount I took from my 529 account to pay my student loans, but after importing the information under Deductions & Credits --> Educations --> ESA and 529 Qualified Tuition Programs (1099-Q) I am still being taxed. Is there something I'm missing? Or is the software experiencing an error?
Thanks so much!
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The amount of distributions for loan repayments of any individual is limited to $10,000 lifetime.
If the distribution on form 1099-Q doesn’t exceed the amount of your student loan repayments, then you don't have to report the distribution on your tax return.
Delete form 1099-Q:
@MayaD Thank you! Just to confirm, since I did not exceed $10,000.00 I do not need to report my 1099-Q form at all? I can delete the form all together?
That's correct, you can delete the form.
@laura Bonnington
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