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Question

1099-Q from a transfer from one brokerage account to another brokerage account

Forum|Forum|5 years ago
March 25, 2021
1 reply
0 views

I switched brokerage firms and moved over my child's ESA and received a 1099-Q in the mail. I'm having difficulty entering it into turbotax. Has anyone done this? There doesn't seem to be questions or options for this situation. There is no PDF upload option for 1099-Q's.

Employee

You have two options:

1. Just don't enter the 1099-Q, at all, in TurboTax. None of it is taxable.

On form 1099-Q, instructions to the recipient reads: "Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return. You must determine the taxability of any distribution."

2. Enter the 1099-Q (manually). When asked if all or part of the distribution was rolled over to another qualified tuition plan, answer yes.