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Student loan repayment from 529 account

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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4 Replies
MayaD
Expert Alumni

Student loan repayment from 529 account

The amount of distributions for loan repayments of any individual is limited to $10,000 lifetime.

irs.gov

 

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:

How do I delete a tax form in TurboTax Desktop?

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Student loan repayment from 529 account

@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? 

MayaD
Expert Alumni

Student loan repayment from 529 account

That's correct, you can delete the form. 

@laura Bonnington

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Student loan repayment from 529 account

@MayaD Thank you so much!

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