Question

1099Q, Distribution Transfer page, it asks: Did you roll over or transfer all or part of this distribution of $$$$ within 60 days to another qualified tuition program?

Forum|Forum|7 years ago
June 1, 2019
1 reply
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Can you please clarify this question. such as, the 529 plan pays directly to the institution.

TurboTax Premier Online

Employee

This is the roll-over option for funds in a 529 plan. You can take the money out and transfer it to another qualified tuition plan without getting taxed on the accumulated earnings.

If the 529 distribution went directly to the school (or to the parent or the student) for expenses, then the answer to this question is "No".

If you took the 529 distribution (all or part) and transferred it to another 529 (or similarly qualified plan), then the answer to this question is "Yes".

F

feiwenw

Hi,

If I choose "No", i ended up paying the tax for 529plan which is not correct. Please advise the answer should be "yes", if i rollover all to pay the tuition. Thanks