When reporting a 529 account program contribution, should I list the gross distribution amount (box 1) or the basis amount (box) 3?

Forum|Forum|7 years ago
June 1, 2019
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TurboTax Home & Biz Windows

Best answer by KrisD15

When you report a contribution, you report what you PUT INTO the account in 2018.

A 1099-Q with Box 1, (Distribution) Box 2 (Earnings) and Box 3 (Basis) is reported when a distribution is TAKEN OUT OF an account.

Please report the 1099-Q in the "Education Section" on the Federal return under "Deductions & Credits" or a contribution on the state return.

Also, if this is a 1099-Q for a distribution used for education, it should be entered into the same TurboTax program that enters the 1098-T so that the TurboTax program can make the proper calculations.

KrisD15Answer

When you report a contribution, you report what you PUT INTO the account in 2018.

A 1099-Q with Box 1, (Distribution) Box 2 (Earnings) and Box 3 (Basis) is reported when a distribution is TAKEN OUT OF an account.

Please report the 1099-Q in the "Education Section" on the Federal return under "Deductions & Credits" or a contribution on the state return.

Also, if this is a 1099-Q for a distribution used for education, it should be entered into the same TurboTax program that enters the 1098-T so that the TurboTax program can make the proper calculations.

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