529 Contribution Made In Error

Forum|Forum|2 years ago
March 25, 2024
1 reply
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I made a contribution to my 529 plan for my grandchildren in error. I accidentally deposited $10,000.00 into their account and when I noticed that I had done that I directed my broker to sell $10,000.00 from the fund. I now have a "loss" of $55.87.............how do I report this to the IRS using TurboTax so that I don't have a taxable situation? Please help..........thanks.

AmyC

Employee

Since you made the contribution and corrected it, I assume you have a 1099-B to handle the loss on the sale. Do you have a 1099-Q? If so, what numbers are in which boxes?

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fredgbarbAuthor

Thanks for your reply. I'm sorry but I don't have the 1099Q yet. I made the error in 2024 so I was just seeing what my options were before filing next year.