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Copy C For Payer Certain Information To complete Form 1099-Q use Returns and the 2016 Instructions for Form 1099-Q. To order these instructions and additional forms go Caution Because paper forms are scanned during processing you cannot file with the IRS Forms 1096 1097 1098 1099 3921 3922 or 5498 that you download from the IRS website. 1 Gross distribution 2 Earnings Form 1099-Q 4 Trustee-to-trustee transfer 5 Check one RECIPIENT S name Qualified tuition program Private Street address includ ...

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2016	4.4 Satisfied (338 Votes)
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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Does 1099-Q go on parents return?

Theres often confusion about who uses the 1099-Q for their tax return: the beneficiary student or the owner of the account (who may be a parent or other relative). The person who receives the funds and whose Social Security number is on the form has to report the 1099-Q on their tax return.

Do I need to report 1099-Q on my tax return?

If your earnings are taxable, you must report the taxable earnings (box 2 on the 1099-Q form) on line 21 of IRS form 1040. If additional penalties apply, you also may need to complete IRS form 5329. Consult a tax professional for more information.

Is a 1099-Q taxable income?

Are funds reported on Form 1099-Q considered taxable income? The full amount of earnings as reported on Form 1099-Q is taxable if: Youre the designated beneficiary. You didnt use the funds for your own qualified education expenses.

How do I enter 1099-Q on TurboTax?

Heres how to enter your 1099-Q in TurboTax: Open or continue your return. Select Federal and then Deductions Credits. Scroll down to the Education section under All tax breaks. Select, Show more and select Start or Revisit next to ESA and 529 qualified tuition programs (Form 1099-Q).

Do I need to report 529 1099-Q?

When the Form 1099-Q is issued to the 529 plan beneficiary, any taxable amount of the distribution will be reported on the beneficiarys income tax return. This typically results in a lower tax obligation than if the Form 1099-Q is issued to the parent or 529 plan account owner.

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Do you have to report 529 distributions on tax return?

The earnings portion of a taxable 529 plan distribution must be reported on the beneficiarys or the 529 plan account owners tax returns.

Who should receive the 1099-Q form?

Form 1099-Q will be issued to the beneficiary student, for example, if the 529 distribution was paid to the beneficiary, the school, or a student loan provider. Any taxable amount of the distribution will be reported on the beneficiarys income tax return.

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