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You should receive a Form 1099-Q, Payments from Qualified Education Programs (Under Sections 529 and 530) from each of the programs from which you received a QTP distribution. The amount of your gross distribution (box 1) shown on each form will be divided between your earnings (box 2) and your basis or return of investment (box 3).
- Publication 970, Tax Benefits for Education
Publication 970 explains tax provisions for persons saving...
- Form 1099-Q
Information about Form 1099-Q, Payments from Qualified...
- Publication 970, Tax Benefits for Education
Account Number. The account number is required if you have multiple accounts for a recipient for whom you are filing more than one Form 1099-Q. Additionally, the IRS encourages you to designate an account number for all Forms 1099-Q that you file.
Gross distributions from a QTP, whether in cash or in-kind, include amounts for tuition credits or certificates, payment vouchers, tuition waivers, or other similar items. Gross distributions also include a refund to the account owner or the designated beneficiary, or to the beneficiary upon death or disability.
16 Οκτ 2024 · Guide to IRS Form 1099-Q: Payments from Qualified Education Programs. Written by a TurboTax Expert • Reviewed by a TurboTax CPA Updated for Tax Year 2024 • October 16, 2024 1:16 AM. OVERVIEW. You'll receive an IRS Form 1099-Q when you withdrawal money from a 529 plan or a Coverdell Education Savings Account (Coverdell ESA). TABLE OF CONTENTS.
1 Ιουλ 2021 · Taxation of QTP nonqualified distribution: During the current year, J receives a $12,000 distribution from a QTP of which he is the beneficiary. He uses $9,000 to pay qualified higher education expenses.
A Qualified Tuition Program (QTP)—also known as a Section 529 Plan—allows funds to be set aside either to prepay or contribute to an account for payment of child’s qualified education expenses (Code Sec. 529). QTPs are set up and maintained either by states or by eligible educational institutions.
This may show an account or other unique number the payer has assigned to distinguish your account. If the account number on your Form 1099-Q ends in “[space] B,” this indicates that your Form is coded as a qualified
