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The document provides information about 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 regarding the completion and submission of the form, including due dates and contact information for assistance.

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What is the penalty for a 1099-Q?

Beneficiary tax implications However, if annual distributions exceed your adjusted qualified education expenses, you may need to report some of the earnings reported in box 2 as income on your tax return and pay an additional 10 percent tax on it as well.

Does 1099-Q count as income?

If the distribution doesnt exceed the amount of the students qualifying expenses, then you dont have to report any of the distribution as income on your tax return. If the distribution exceeds these expenses, then you must report the earnings on the excess as other income on your tax return.

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.

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.

What is a 1099-Q for a 529 plan?

IRS Form 1099-Q is a statement issued by a 529 plan or Coverdell ESA administrator that lists the amount of distributions in a given tax year. The Form 1099-Q will be issued to the beneficiary if the 529 distribution was paid to: The 529 plan beneficiary.

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Who reports the 1099-Q, parent or student?

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?

Form 1099-Q reports distributions and benefits from Coverdell education savings accounts and 529 plans. Its reported on the tax return of the person whose Social Security number is on the form. Follow the steps below to enter your 1099-Q in TurboTax.

Will the IRS catch a missing 1099-Q?

Will the IRS catch a missing 1099? The IRS knows about any income that gets reported on a 1099, even if you forgot to include it on your tax return. This is because a business that sends you a Form 1099 also reports the information to the IRS.

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What is the penalty for a 1099-Q?

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Who claims the 1099-Q parent or student?

What is a 1099-Q for a 529 plan?

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Who reports the 1099-Q, parent or student?

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