Technical topics regarding tax preparation.
17-Sep-2021 11:27am
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One of my clients rolled over his son's 529 plan from an out of state plan to a plan in his state of residence.
A 1099-Q was issued in the client's SSN. Box 4 "Trustee-to-trustee transfer" is checked.
Am I okay ignoring this 1099-Q or does it need to be shown on the return somewhere like a 1099-R from an IRA rollover?
Apologies for the laziness, this is the first time I've gotten one of these and it's crunch time. I'm hoping it won't be too much trouble for someone who has dealt with this at least a couple times to respond.
17-Sep-2021 11:59am
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From Instructions -
Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return.
17-Sep-2021 12:02pm
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Well there it is. Who would have thought the form instructions were useful?
Thank you.
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