2010 IRS Form 1099-Q-2025

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The document provides information regarding the issuance and tax reporting of IRS Form 1099-Q for distributions from the Virginia College Savings Plan in 2010. It outlines the requirements for reporting non-qualified distributions, the implications of qualified higher education expenses, and exceptions related to penalties in specific circumstances. Additionally, it emphasizes the importance of maintaining documentation and notes that the Virginia College Savings Plan does not offer legal or tax advice.

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What is the box 5 on a 1099 Q?

Box 5 does not indicate whether your distribution was made to a private or state university. Box 5 shows whether the gross distribution was from a qualified tuition program (either private or state-sponsored) or from a Coverdell ESA.

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

Amounts on Form 1099-Q only need to be reported if the distributions were non-qualified, which means they were spent on something other than tuition, fees, room and board and required expenses. That means that most people do not need to report their 529 distributions on their tax return.

What is the IRS method to determine fair market value?

Determining FMV You should consider all the facts and circumstances connected with the property, including any recent transactions, in determining value. Value may also be based on desirability, use, condition, scarcity, and mar- ket demand for that property.

What are qualified expenses for 1099-Q distributions?

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).

How to read a 1099-Q?

Box 1 shows the total funds distributed from your GET account. Box 2 shows earnings that could be subject to taxation if you didnt use them for qualified education expenses as required by federal law. Box 3 shows the portion of the distributed funds that was paid (contributed) into your GET account.

Who claims the 1099-Q parent or student?

The person who reports the form depends on who received the distribution. If the funds were sent directly to the beneficiary, school, or student loan provider for the students benefit, the student reports it. If the distribution was made to the parent (i.e., the account owner), then the parent reports it.

How to find fair market value on 1099-Q?

Fair Market Value of Account: Determined by multiplying the number of shares in your account by the net asset value on Dec. 31st.

What is FMV on 1099-Q?

beneficiary. 7 If the fair market value (FMV) is shown below, see Pub. 970, Tax Benefits for Education, for how to figure earnings. Form 1099-Q (Rev.

2010 IRS Form 1099-Q-2025

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How to modify 2010 IRS Form 1099-Q in PDF format online

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Got questions?

What is the box 5 on a 1099 Q?

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

What is the IRS method to determine fair market value?

What are qualified expenses for 1099-Q distributions?

How to read a 1099-Q?

People also ask

Who claims the 1099-Q parent or student?

How to find fair market value on 1099-Q?

What is FMV on 1099-Q?

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2010 IRS Form 1099-Q-2025

Here's how it works

How to modify 2010 IRS Form 1099-Q in PDF format online

Complete this form in 5 minutes or less

Got questions?

What is the box 5 on a 1099 Q?

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

What is the IRS method to determine fair market value?

What are qualified expenses for 1099-Q distributions?

How to read a 1099-Q?

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People also ask

Who claims the 1099-Q parent or student?

How to find fair market value on 1099-Q?

What is FMV on 1099-Q?

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