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Question

I received a 1099Q form for a 529 plan withdrawal. Turbo Tax wants me to fill out the cost basis from a 1099B form. Can I use the 1099Q cost basis for this request?

Forum|Forum|6 years ago
April 25, 2020
1 reply
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TurboTax Premier Online

Employee

If there are amounts in boxes 2 & 3 of the 1099-Q, TT should not be asking you to calculate cost basis. Delete the 1099-Q and re-enter. If box 3 is blank, but there are amounts in boxes 1 & 2, use those to calculate box 3.

Some times this is about a rounding error. If after entering the numbers, boxes 2 & 3 no longer add up to box 1 due to rounding to the nearest $, change the box 3 amount to agree.