The person who receives the funds and whose Social Security number is on the form has to report the 1099-Q on their tax return.

What is reported on 1099-Q?

Form 1099-Q lists the total distributions from a 529 plan or Coverdell ESA during a given tax year, regardless of how the funds were spent. The earnings portion of a non-qualified 529 plan distribution is subject to income tax and a 10% penalty.

Do I have to report my 1099-Q?

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.

How is taxable income reported on form 1099-q?

Form 1099-Q – Taxable Amount of Earnings Distributions from qualified education programs are reported on Form 1099-Q. The taxable amount of any distributed earnings is calculated automatically in TaxAct®.

Do you have to report tuition on 1099q?

NO. If you know that the total qualified expenses (after adjusting for scholarships & the tuition credit) was more than the box 1 amount on the 1099-Q; then just don’t enter the 1099-Q at all. When the taxable amount is zero, nothing goes on the actual tax return sent to the IRS.

Do you have to report interest on 1099q?

Since she is not required to file a return and report the interest, you don’t need to include the 1099-Q in your return. You should just complete the Education Expense interview with 1098-T on your return. May 31, 2019 8:19 PM

Where can I find the most recent form 1099-q?

For the most recent version, go to Online fillable form. Due to the very low volume of paper Forms 1099-Q received and processed by the IRS each year, this form has been converted to an online fillable format. You may fill out the form, found online at Form1099Q, and send Copy B to the recipient.