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March 27, 2020
Question

529 schlarshare withdrawal that is taxable. Where how reported

  • March 27, 2020
  • 1 reply
  • 0 views

Where do I report taxable withdrawal?

 

1 reply

Hal_Al
Employee
March 27, 2020

In TurboTax (TT), enter at:

Federal Taxes Tab (Personal for H&B version)

Deductions & Credits

-Scroll down to:

--Education

  --ESA and 529 Qualified Tuition Programs (1099-Q)

 

If they 529 plan beneficiary did not attend school, you indicate that in that section and no further entries are needed.

If the beneficiary did attend school, you'll need to also enter education expenses too.

In TurboTax (TT), enter at:

Federal Taxes Tab (Personal for H&B version)

Deductions & Credits

-Scroll down to:

--Education

  --Education Expenses

 

TT will calculate the taxable portion and penalty.