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mlthomas26
Level 3
March 13, 2025
Question

My client has a transfer to transfer 1099-Q, how do I make the earnings not show up as income?

  • March 13, 2025
  • 1 reply
  • 5 views
My client transferred 529 plan from one state to another. They received a 1099-Q showing $10,408 in earnings. When I put the 1099-Q information into ProSeries, it shows the earnings as income. What do I need to do to have this amount not show up as income?
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    1 reply

    IRonMaN
    IRonMaN
    Level 15
    March 13, 2025

    529 plans are unique since they don't get reported on the return like an IRA.  As long as the funds were not withdrawn and used personally, I don't believe you need to do anything on the return.  Keep the 1099Q in the client's file along with your notes in the event the IRS does ask the client about it somewhere down the road.

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