How to report a 529 Plan Contribution without a 1099-Q Form?

Forum|Forum|2 years ago
February 20, 2024
2 replies
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I made a 529 contribution at the end of 2023, which is tax deductible for the state of New York.

However, they did not send me a 1099-Q form because I did not make a withdrawal in 2023 (I did one in Jan 2024). They told me my contribution would still be tax deductible, though.

How can I then report this contribution in Turbotax?

TurboTax Home & Biz Windows

Best answer by MayaD

Contributions to a 529 are after-tax and not federally tax deductible. You report your contribution on your state return.

To report your contribution:

Open NY return.
Continue to the screen Changes to Federal Income.
In the Education Adjustment section, clock start next to NY 529 College Savings Account Activity.

If you're a New York State taxpayer and an account owner, you may be able to deduct up to $5,000 ($10,000 if you're married filing jointly) of your Direct Plan contributions

NY 529 college savings program

MayaDAnswer

Contributions to a 529 are after-tax and not federally tax deductible. You report your contribution on your state return.

To report your contribution:

Open NY return.
Continue to the screen Changes to Federal Income.
In the Education Adjustment section, clock start next to NY 529 College Savings Account Activity.

If you're a New York State taxpayer and an account owner, you may be able to deduct up to $5,000 ($10,000 if you're married filing jointly) of your Direct Plan contributions

NY 529 college savings program

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alfggAuthor

Thank you! That worked.

Hal_Al

Employee

The 1099-Q form is just for distributions (withdrawals). There will be no information about contributions on a 1099-Q. No tax form is issued by the plan administrator for contributions.