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The recipient listed on Form 1099-Q Payments From Qualified Education Programs (Under Sections 529 and 530) should report the distribution on his or her tax return. If the recipient is a family member, the distribution has to be reported on that persons tax return, not your return.
Form 1099-Q and Form 1098-T will list the amount of the 529 plan distribution and how much you used to pay for college tuition and fees, but it is up to you, the 529 plan account owner, to calculate the taxable portion.
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.
Form 1099-B is used to report capital gains and losses that a taxpayer incurs after selling certain assets through brokerages and barter exchanges. 1 These firms send separate forms for each transaction to both the IRS and the investor. 2.
An information return is a mandatory form that third parties (e.g., businesses, health insurance providers, financial institutions, and universities) use to notify government agencies and taxpayers about taxable payments. Small companies can send a variety of information returns, such as Forms 1099-NEC and W-2.
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TurboTax Online Open or continue your return. Select Search, enter 1099-Q and select Jump to 1099-q. You can also go to Federal, then Deductions Credits, then Education. Select Start or Revisit next to ESA and 529 qualified tuition programs (Form 1099-Q). Follow the screens to enter your info.
File Form 1099-Q (Info Copy Only) if you: Are an officer or an employee, or the designee of an officer or employee, having control of a program established by a state or eligible educational institution. Made a distribution from a qualified tuition program (QTP).