2012 1099 q form-2025

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The document provides information regarding Form 1099-Q, which is used to report payments from qualified education programs under Sections 529 and 530. It emphasizes that the online version of the form should not be filed with the IRS, as it is not scannable, and outlines the penalties for improper filing. The document includes instructions for both recipients and payers/trustees on how to complete and submit the form, including details about gross distributions, earnings, basis, and transfer options.

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Who gets the 1099 for 529 plan distributions?

The Form 1099-Q will be issued to the beneficiary if the 529 distribution was paid to: The 529 plan beneficiary. The college, K-12 school, or apprenticeship program the beneficiary attends. A student loan provider.

What are qualified expenses for 1099-Q?

Qualified expenses include tuition, fees, books, supplies, and equipment required for enrollment at an eligible school; expenses for room and board if the student is enrolled at least half-time; expenses for special needs services; and qualified elementary and secondary expenses (for ESA distributions only).

Do you get a 1099 from 529 withdrawal?

If youre paying for school expenses from a 529 plan or a Coverdell ESA, you will likely receive an IRS Form 1099-Q, which reports the total withdrawals you made during the year.

Who claims the 1099-Q parent or student?

Who uses the 1099-Q for their tax return? Whoever the 1099-Q is issued to must report that 1099-Q on their tax return. In other words, the person whose SSN is on the 1099-Q should report the form it could be the beneficiary student or the account owner, who may be a parent or other relative.

Who reports 1099-Q distributions?

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.

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Do I have to report a 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.

Are distributions from a 529 plan taxable?

If you just want the money back, you can withdraw the funds at any time. If funds are withdrawn for a purpose other than qualified higher education expenses, the earnings portion of the withdrawal is subject to federal and state taxes plus a 10% additional federal tax on earnings (known as the Additional Tax).

2012 1099 q form-2025

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Who gets the 1099 for 529 plan distributions?

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