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April 3, 2022
Question

Hello! Last year my oldest child decided that college was not for him, so we transferred the balance of his 529 account to his siblings - how do I enter this transfer?

  • April 3, 2022
  • 2 replies
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2 replies

Hal_Al
Employee
April 3, 2022

You don't enter it at all, unless you got a 1099-Q for the transfer (unlikely).  Then the interview will handle it. 

 

Even then, you can just not enter the 1099-Q. 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." 

April 3, 2022

thank you!

LeonardS
April 3, 2022

You do not report qualifying  529 rollovers on your tax return they are not taxable distributions.

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