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April 15, 2025
Question

Hello, my son committed suicide last July, and he had a 529 educational plan. I received a 1099-Q from Edward jones , but the values are out of balance.

  • April 15, 2025
  • 1 reply
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I was told to enter it as a 1099 Misc, but now I am confused.

1 reply

Hal_Al
Employee
April 15, 2025

The values being out of balance is usually just a rounding error.  Change either box 2 or box 3 by $1  to balance it (box 2 + box 3 = box 1). 

 

Q. I was told to enter it as a 1099-Misc, but now I am confused.

A. Stick with the 1099-Q interview.   It goes on the same line (8z of schedule 1), either way.  But the death of the beneficiary is a penalty exception, which TT will handle if you enter it  as  a Qualified Tuition Plan distribution, in TurboTax. 

 

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)