Question

I took distributions from our 529 plan to benefit two of my dependent daughters. I only got 1 1099-Q. TTax only lets me designate one recipient. How do I enter?

Forum|Forum|7 years ago
June 3, 2019
1 reply
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TTax wants to know the recipient/beneficiary of the distribution Since I only have one 1099-q, TTax is only allowing one beneficiary to be listed. How do i enter the second?

A

Anita01

Employee

While you can have more then one 529 plan, you cannot have more then one beneficiary.

O

okrandyAuthor

Maybe I should have been more specific. I have two accounts on which I am the owner. The beneficiary of account 1 is daughter A; similarly, the beneficiary of account 2 is daughter B. We took a distribution from each account to pay for their high school tuition expenses. However, I received one 1099-Q showing both distributions. When I enter the 1099-Q information TTax thinks they are taxable distributions. How should I handle this?

A

Anonymous

I have the same exact question. One Form 1099-Q but two beneficiaries. TurboTax does not allow you to select more than one beneficiary, which, in my case, makes part of the distribution taxable since it is over the $10k limitation per beneficiary. A fix would be most appreciated!