1099-Q Form Has Blank Boxes
When I received my 1099-Q, there were no numbers in the Earnings box or the Basis box, though I do have my Gross Distribution.
When I received my 1099-Q, there were no numbers in the Earnings box or the Basis box, though I do have my Gross Distribution.
If it was all used for paying education expenses, it doesn't really matter. The ratio of Earnings to Contributions matter if tax would need to be computed.
If it was all used for paying Room and Board, don't bother even entering it into the TurboTax program. Don't allocate the same Room and Board expenses to any other distribution.
If it was all used for paying Education expenses, such as Tuition and/or Books and fees, be sure to NOT claim those expenses if you decide to not enter the 1099-Q.
(You may need to then lower the amount in Box 1 on Form 1098-T if applying for an Education Credit.
It is odd that the 1099-Q was reported that way, I do not think the program will let you enter it without Boxes 2 and 3 reported.
If you need to enter the 1099-Q, call the financial institution that facilitates the account and ask for those numbers.
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