Question

I rolled over 2 529 accounts (2 separate beneficiaries) to 2 other qualified 529 accounts in 2024. TurboTax states only 1 qual.program rollover is allowed. What do I do?

Forum|Forum|1 year ago
February 15, 2025
1 reply
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Turbotax is counting the second rollover as a taxable event, but IRS documentation states this should be tax free if the accounts are for different beneficiaries.

SusanY1

TurboTax does not support the entry of two separate 1099Q forms for rollovers.

However, with regard to the form 1099Q, the IRS only requires that taxable distributions from these accounts be entered or reported on the tax return.

Therefore, you can delete one or both of the 1099Q forms in this case and keep them with your tax records.

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