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Feb 12th, 2024
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 Taxes due. 1099Q question.
#9033215
04/12/24 06:56 PM
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Joined: Jun 2015
Posts: 18,804
Roll-Tide
OP
THF Celebrity
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OP
THF Celebrity
Joined: Jun 2015
Posts: 18,804 |
I usually do turbo tax. I’m kinda screwed this year.
Got about done and owed 7800. Didn’t really know where to put my 1099Q, which is basically for 529 plan withdrawals.
Added that in and owe an extra 2000 bucks. This familiar to anyone? Seems if it’s used for tuition and books it’s not taxable.
Trying to determine if I need to
1. File an extension.
2. Get it reissued with daughters name as beneficiary.
3. Just pay it.
Last edited by Roll-Tide; 04/12/24 06:57 PM.
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Re: Taxes due. 1099Q question.
[Re: Roll-Tide]
#9033240
04/12/24 07:49 PM
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Joined: Jan 2013
Posts: 2,839
Gringo Bling
Veteran Tracker
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Veteran Tracker
Joined: Jan 2013
Posts: 2,839 |
I am getting started on my kids' taxes at this very moment. If I were you, I'd file an extension and get a CPA to help.
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Re: Taxes due. 1099Q question.
[Re: Roll-Tide]
#9033245
04/12/24 07:53 PM
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Joined: Jun 2015
Posts: 18,804
Roll-Tide
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THF Celebrity
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OP
THF Celebrity
Joined: Jun 2015
Posts: 18,804 |
On the form.
I’m listed as recipient. I think I need to change that to my daughter. List her as beneficiary and recipient.
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Re: Taxes due. 1099Q question.
[Re: Roll-Tide]
#9033306
04/12/24 09:55 PM
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Joined: Oct 2009
Posts: 1,641
jrgocards
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Pro Tracker
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Re: Taxes due. 1099Q question.
[Re: Roll-Tide]
#9033308
04/12/24 10:02 PM
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Joined: Nov 2013
Posts: 2,258
Hunt Dog
Veteran Tracker
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Posts: 2,258 |
This is why a CPA is well worth the money.
You may be missing out on a lot of other things you don't know about. .
As my Wife , an Attorney, likes to say...'don't confuse your Google search with my Law Degree/Law License'.
Good CPAs carry the same panache.
Last edited by Hunt Dog; 04/12/24 10:04 PM.
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Re: Taxes due. 1099Q question.
[Re: Roll-Tide]
#9033318
04/12/24 10:24 PM
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Joined: Oct 2009
Posts: 1,641
jrgocards
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Pro Tracker
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Just an FYI - it WAS a CPA that posted the link from a google search.
JR
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Re: Taxes due. 1099Q question.
[Re: Roll-Tide]
#9033357
04/13/24 12:01 AM
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Joined: Jun 2015
Posts: 18,804
Roll-Tide
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THF Celebrity
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OP
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Joined: Jun 2015
Posts: 18,804 |
It just don’t really make sense, why I had to play 2k extra after I entered my 1099Q.
I don’t think it makes financial sense to have one of these accounts, if I pay 2k a year to use it.
I should just bought savings bonds or saved it under my mattress.
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Re: Taxes due. 1099Q question.
[Re: Roll-Tide]
#9033371
04/13/24 12:24 AM
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Joined: Oct 2009
Posts: 1,641
jrgocards
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Pro Tracker
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I've never experienced the 1099Q - was there a check you missed that said all the proceeds were used for education?
JR
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Re: Taxes due. 1099Q question.
[Re: Roll-Tide]
#9033384
04/13/24 12:53 AM
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Joined: Jun 2015
Posts: 18,804
Roll-Tide
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THF Celebrity
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Nope. I have the standard 529 like many others. Use it to pay tuition/books, etc.
I’m pretty confused why I’m being taxed like it’s income.
I think it may have something to do with it being in my name, but I’m not going to school.
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Re: Taxes due. 1099Q question.
[Re: Roll-Tide]
#9033389
04/13/24 12:56 AM
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Joined: Mar 2010
Posts: 12,360
ntxtrapper
THF Celebrity
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THF Celebrity
Joined: Mar 2010
Posts: 12,360 |
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Re: Taxes due. 1099Q question.
[Re: Roll-Tide]
#9033718
04/13/24 10:16 PM
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Joined: Sep 2013
Posts: 489
Uncle Zeek
Bird Dog
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Bird Dog
Joined: Sep 2013
Posts: 489 |
Give me a call. Believe it or not, I'm at my office preparing client tax returns right now. If not tonight, then call me Monday.
"Decency is not news; it is buried in the obituaries - but it is a force stronger than crime" ~ Robert A. Heinlein
Artim Law Firm, PLLC
Estate, probate & taxes
2250 Morriss Road, Suite 205, Flower Mound, Texas 75028
972-746-0758 work
zac@artimlegal.com
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Re: Taxes due. 1099Q question.
[Re: Roll-Tide]
#9033793
04/14/24 01:09 AM
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Joined: Jun 2015
Posts: 18,804
Roll-Tide
OP
THF Celebrity
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OP
THF Celebrity
Joined: Jun 2015
Posts: 18,804 |
Zeek comes through again.
He gave me the info of my mistake. I went back into my daughter’s tab and entered her expenses. I Just estimated, until wife gets home and gives me exact numbers. It did make a difference and lowered my tax burden a good bit.
Thank you
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Re: Taxes due. 1099Q question.
[Re: Roll-Tide]
#9033794
04/14/24 01:10 AM
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Joined: Dec 2008
Posts: 1,600
thegrouse
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Pro Tracker
Joined: Dec 2008
Posts: 1,600 |
Outstanding Zeek, way to come through especially during the tax crunch.
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Re: Taxes due. 1099Q question.
[Re: Roll-Tide]
#9033945
04/14/24 02:46 PM
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Joined: Sep 2013
Posts: 489
Uncle Zeek
Bird Dog
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Bird Dog
Joined: Sep 2013
Posts: 489 |
Zeek comes through again.
He gave me the info of my mistake. I went back into my daughter’s tab and entered her expenses. I Just estimated, until wife gets home and gives me exact numbers. It did make a difference and lowered my tax burden a good bit.
Thank you Glad to be of help. I don't mind spending a few minutes on a phone call with a TFFer/THFer to solve something like this.
"Decency is not news; it is buried in the obituaries - but it is a force stronger than crime" ~ Robert A. Heinlein
Artim Law Firm, PLLC
Estate, probate & taxes
2250 Morriss Road, Suite 205, Flower Mound, Texas 75028
972-746-0758 work
zac@artimlegal.com
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