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March 10, 2021
Question

1099-Q

  • March 10, 2021
  • 1 reply
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Question:

One of our 2020 1099-Q forms has me (owner) as the recipient of the distribution instead of my daughter (beneficiary). We used the distribution to pay for her college laptop. How can I code it in Turbo tax so I am not being taxed on it?  Thank you

1 reply

March 10, 2021

If your entire 1099-Q Distribution was used for Qualified Education Expenses (a laptop would be included, if required), you don't need to enter the 1099-Q into TurboTax.

 

Be sure to enter the cost of the laptop into 'Other Education Expenses' since it is not included in Tuition reported on a 1098-T. 

 

Click this link for more info on Form 1099-Q

March 10, 2021

Thank you for your assistance.