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Entering 1099-Q section 529 withdrawal in ProConnect

by ProConnect Tax Online Updated 1 year ago

Follow these steps to enter a 1099-Q Section 529 withdrawal:

  1. Go to the Input Return tab.
  2. From the left of the screen, select Income and choose Education Distributions (1099-Q).
  3. Enter the Name of payer.
  4. Locate the Education Distributions (Form 1099-Q) section.
  5. Scroll down to the Qualified Expenses subsection and complete any applicable fields:
    • Higher education (net of nontaxable benefits)
    • Elementary and secondary education (net of nontaxable benefits)
  6. Scroll down to the Form 1099-Q subsection and complete any applicable fields with amounts from the 1099-Q.
    • If not used towards educational expenses, leave the (4) Rollover: 1=nontaxable, 2=taxable field blank. The program will carry the distribution to Form 1040 as other income.
  7. Enter a 1 or 2 in (5) 1=private 529 program, 2=state 529 program, 3=Coverdell ESA.

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