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Question

I used 529 distributions to pay elementary school tuition of children. The plan paid the distribution to me. I paid the school. How do I report this?

Forum|Forum|5 years ago
February 5, 2021
1 reply
0 views

The plan could not pay directly to school and would not pay children. All distributions were under the 10,000.00$ limits for school.

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Don't bother to report it. That is, don't enter it in TurboTax and get bogged down in the interview.

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."

When the box 1 amount on form 1099-Q is fully covered by expenses, TurboTax will enter nothing about the 1099-Q on the actual tax forms. But, it will prepare a 1099-Q worksheet for your records.