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F
fourfords
June 1, 2019
Question

My 1099-Q shows a gross distribution amount taken in 2016; however part of that was to cover the 2017 spring semester expenses.

  • June 1, 2019
  • 3 replies
  • 0 views
Therefore, it appears the amount of my 529 distribution far exceeds my 2016 expenses.  Is there any way around this?

3 replies

J
JaimeG
Employee
June 1, 2019
Did you effectively pay the Tuition in 2016?
F
fourfordsAuthor
June 1, 2019
Yes, the 2017 spring semester payment was made on December 1, 2016.
J
JaimeG
Employee
June 1, 2019

If the payment for the Qualified Education Expense was made in 2016 you will use it to offset the 529 Distribution in 2016.

Next year when you receive a 1098-T with the tuition that was paid in 2016, you will be able to specify in TurboTax the dollar amount of Tuition that is applicable only for 2017.

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