Possi Posted March 2, 2021 Report Share Posted March 2, 2021 My client (my b/f) rolled his son's Coverdell into a VA 529 plan. It could not be a trustee-to-trustee rollover because the 2 entities were not going to the dance together. Since the T2T box isn't checked, is there a way to report this in-and-out? It went to his checking account and he immediately sent the money to the 529. I looked online, but all I see is "don't report it." Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 2, 2021 Report Share Posted March 2, 2021 If it's a qualified rollover, something you probably checked before b/f moved the funds and the VA 529 plan administrator probably checked before accepting, you might have to ask your software how to report it. You might have a tab or dropdown menu or a pop-up during 1099Q entry that asks the amount rolled over. 2 Quote Link to comment Share on other sites More sharing options...
Possi Posted March 2, 2021 Author Report Share Posted March 2, 2021 44 minutes ago, Lion EA said: If it's a qualified rollover, something you probably checked before b/f moved the funds and the VA 529 plan administrator probably checked before accepting, you might have to ask your software how to report it. You might have a tab or dropdown menu or a pop-up during 1099Q entry that asks the amount rolled over. Taxwise doesn't have a way to enter a 1099Q, just the taxable portion on a worksheet. So, I'll not report it at all, and if he gets a letter, we'll respond with documentation. Thanks, @Lion EA! 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.