How do I enter original coverdell esa contribution

[pimarus]

We liquidated a coverdell esa but did not have any educational expenses. The 1099q received shows total distribution of $4400, earnings of $0, basis of $0, and FMV of $0. We contributed $2,000 to this account from 1998 to 2001 and have never taken distributions from it. I can't find worksheet 7-3 Coverdell ESA - Taxable Distributions and Basis to enter the correct information so that our contributions are subtracted from the distribution to determine the taxable amount. Can anyone help? Thanks!

[CarolC · Accepted solution]

In the 1099-Q section, when asked Who's the Student, select the option This distribution was not used to pay any education expenses. 

Enter Form 1099-Q exactly how it appears.  Continue to the next screen This Coverdell ESA.  In the second box Basis in this Coverdell ESA Account as of December 31, 2016 enter $2,000.  Select No, for the next questions.  You should see $2,400 appear on Line 21 of your tax return.  This amount is taxable income.

See the TurboTax FAQ below for more information.  Click "See entire answer" for the full page view.

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