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April 10, 2022
Question

My daughter's 529 had negative earnings (box 2).

  • April 10, 2022
  • 1 reply
  • 0 views

Turbo tax is giving an error "Out of Balance - Your box 1 gross distribution must equal the sum of box 2 earnings plus box 3 basis.  Make any necessary corrections here".  How am I to handle this?  The 1099-Q has two funds.  I can't enter the second fund because I can't get past the error, unless I go to forms and enter it manually.

    1 reply

    April 10, 2022

    I found my error.  The two funds in the 1099-Q need to be added together and entered into Turbo Tax.