Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
D
dtaylor3
January 28, 2021
Question

Form 1099-Q, How do I report it when I took the cash and did not use it for college education expenses?

  • January 28, 2021
  • 1 reply
  • 0 views
No text available

1 reply

DawnC
DawnC
Employee
January 28, 2021

You report it the same way whether or not you used it for qualified education expenses.   TurboTax will calculate the correct amount of taxes based on the expenses you enter (or don't enter).  

 

The full amount of earnings as reported on Form 1099-Q is taxable if:

  • You’re the designated beneficiary.
  • You didn’t use the funds for your own qualified education expenses.

An early withdrawal penalty of 10% applies.

 

How do I enter a 1099-Q?

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
TurboTax Sign In Widget
TurboTax flag icon

Unlock tailored help options in your account

Create an account
TurboTax Expert Assist
TurboTax Expert

Get answers to all your tax questions

Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

Terms & ConditionsAccessibility statement
Intuit
TurboTax Credit Karma QuickBooks MailChimp

©1997-2022 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
of Intuit Inc. Terms and conditions, features, support, pricing, and service options
subject to change without notice.

Security Certification of the TurboTax Online application has been performed by
C-Level Security.

By accessing and using this page you agree to the Terms of Use.

Accessibility

TRUSTe nResult Certified e-File C-Level Security Certification