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Form 1099-Q (Rev April 2025)

Form 1099-Q (Rev April 2025)-2025

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Form 1099-Q is a tax document used to report payments from qualified education programs under Sections 529 and 530, including distributions from Coverdell education savings accounts (CESAs) and qualified tuition programs (QTPs). It provides details on gross distributions, earnings, basis, and types of transfers. Recipients must determine the taxability of these distributions and may face penalties for unreported taxable income. The form includes instructions for recipients regarding reporting requirements and potential taxes.

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Do I have to report 1099-QA on my tax return?

Form 1099-QA, Distribution from ABLE Accounts, should be sent to you by January 31, if you received a distribution from an ABLE Account. You may also receive Form 5498-QA, ABLE Account Contribution Information. This form is not required to be reported on your return.

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

IRS Form 1099-Q is issued when you withdraw funds from a 529 plan or Coverdell ESA, detailing your total withdrawals, including earnings and basis. When you receive IRS Form 1099-Q, youll need to report this information on your tax return if the distribution is used for non-qualifying expenses.

Does 1099-Q get reported on parents return?

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.

Do I have to report qualified 529 distributions?

Key takeaways. Withdrawals from 529 plans are not taxed at the federal levelas long as you understand and follow all the rules for qualifying expenses. Youll have to report your 529 plan spending to the IRS, so keeping careful records is important.

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.

Do I report a 1099-Q on my tax return Turbotax?

When you receive IRS Form 1099-Q, youll need to report this information on your tax return if the distribution is used for non-qualifying expenses.

What is the deadline for 1099q?

Recipient Copy - The deadline for sending the recipient copy falls on January 31st, 2025 for the tax year 2024. Paper Copy - The deadline for filing paper copies falls on February 28th, 2025 for the tax year 2024. E-Filing - The deadline for e-filing Form 1099-Q falls on March 31st, 2025 for the tax year 2024.

How do I report 1099-Q on my taxes?

If you received a 1099-Q with an amount listed in Box 1, you can report the distribution in two ways: If you received a 1099-Q distribution and used it to pay qualified education expenses, you can exclude the 1099-Q income. Enter the Gross Distribution, Earnings and Qualified Expenses here to exclude the income.

Form 1099-Q (Rev April 2025)-2025

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