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January 28, 2023
Question

Where do I add my 1099-Q information

  • January 28, 2023
  • 1 reply
  • 0 views
The money was not used for school

1 reply

KrisD15
January 28, 2023

You can enter the 1999-Q in the Education Section under "Deductions & Credits"

 

Be aware that if you have funds left in a 529 account, you now have an option of moving those funds into a Roth IRA. 

 

"Section 126, Special rules for certain distributions from long-term qualified tuition programs to Roth IRAs. Section 126 amends the Internal Revenue Code to allow for tax and penalty free rollovers from 529 accounts to Roth IRAs, under certain conditions. Beneficiaries of 529 college savings accounts would be permitted to rollover up to $35,000 over the course of their lifetime from any 529 account in their name to their Roth IRA. These rollovers are also subject to Roth IRA annual contribution limits, and the 529 account must have been open for more than 15 years."

 

SECURE 2.0

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