Form 1099 Q – Fill Out and Use This PDF

The Form 1099-Q is an important document for individuals who have received payments from Qualified Education Programs, including distributions from 529 plans and Coverdell Education Savings Accounts (CESAs) under sections 529 and 530. It provides details such as the gross distribution, earnings from the investment, and the basis which are crucial for tax reporting. The form is not just detailed in capturing financial data but also includes information around trustee-to-trustee transfers and designates if distributions are for the account holder or for another beneficiary. Ready to navigate your 1099-Q? Click the button below to start filling out your form efficiently and accurately.

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Form 1099 Q PDF Details

Understanding the intricacies of the 1099-Q form is essential for individuals navigating the financial aspects of education expenses and savings plans. This form is a critical document for those who have received distributions from qualified education programs, including 529 plans, also known as Qualified Tuition Programs (QTPs), and Coverdell Education Savings Accounts (ESAs). With sections detailing the payer or trustee's information, gross distribution amounts, and the crucial distinction between earnings and basis, the 1099-Q offers a comprehensive breakdown of payments made toward the beneficiary's education. It highlights whether distributions were used for qualified education expenses, which can significantly affect tax implications. Moreover, the form includes specifics such as trustee-to-trustee transfers and delineates whether the beneficiary designated is indeed the recipient of the distribution. Factors such as the recipient's tax identification number and account specifics underscore the personalized nature of this document. Navigating this form accurately ensures individuals can leverage educational investments without unwarranted tax burdens, making an understanding of its components and the reporting requirements vital.

Question	Answer
Form Name	Form 1099 Q
Form Length	5 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	1 min 15 sec
Other names	what is form 1099 q, irs form 1099 q, 1099 q qualified expenses, form 1099 q

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3131

VOID

CORRECTED

PAYER’S/TRUSTEE'S name, street address, city or town, state or province,				1 Gross distribution		OMB No. 1545-1760	Payments From
country, ZIP or foreign postal code, and telephone no.							Payments From
country, ZIP or foreign postal code, and telephone no.							Qualified
							Qualified
				$		2019	Education
				2 Earnings		2019	Programs
				2 Earnings			Programs
							(Under Sections
				$		Form 1099-Q	529 and 530)
				$		Form 1099-Q
PAYER’S/TRUSTEE'S TIN		RECIPIENT’S TIN		3 Basis		4 Trustee-to-trustee	Copy A
				$		transfer	For
				$			For
RECIPIENT’S name				5 Distribution is from:		6 Check if the recipient is	Internal Revenue
				• Qualified tuition program—		not the designated	Service Center
				• Qualified tuition program—		beneficiary
						beneficiary
				Private	or State		File with Form 1096.
							For Privacy Act
Street address (including apt. no.)				• Coverdell ESA			For Privacy Act
Street address (including apt. no.)				• Coverdell ESA			and Paperwork


							Reduction Act
City or town, state or province, country, and ZIP or foreign postal code							Notice, see the
							2019 General
							Instructions for
Account number (see instructions)							Instructions for
Account number (see instructions)							Certain Information
							Certain Information
							Returns.
Form 1099-Q	Cat. No. 32223J		www.irs.gov/Form1099Q			Department of the Treasury - Internal Revenue Service

Do Not Cut or Separate Forms on This Page — Do Not Cut or Separate Forms on This Page

CORRECTED (if checked)

PAYER’S/TRUSTEE'S name, street address, city or town, state or province,				1 Gross distribution		OMB No. 1545-1760	Payments From
country, ZIP or foreign postal code, and telephone no.							Payments From
country, ZIP or foreign postal code, and telephone no.							Qualified
							Qualified
				$		2019	Education
				2 Earnings		2019	Programs
				2 Earnings			Programs
							(Under Sections
				$		Form 1099-Q	529 and 530)
				$		Form 1099-Q
PAYER’S/TRUSTEE'S TIN		RECIPIENT’S TIN		3 Basis		4 Trustee-to-trustee	Copy B
				$		transfer	For Recipient
				$			For Recipient
RECIPIENT’S name				5 Distribution is from:		6 If this box is checked, the	This is important tax
						recipient is not the	This is important tax
				• Qualified tuition program—		recipient is not the	information and is
				• Qualified tuition program—		designated beneficiary	information and is
						designated beneficiary	being furnished to
				Private	or State		being furnished to
				Private	or State		the IRS. If you are
							the IRS. If you are
Street address (including apt. no.)				• Coverdell ESA			required to file a return,
							a negligence penalty
				If the fair market value (FMV) is shown below, see Pub. 970,			a negligence penalty
							or other sanction may
				Tax Benefits for Education, for how to figure earnings.			or other sanction may
City or town, state or province, country, and ZIP or foreign postal code				Tax Benefits for Education, for how to figure earnings.			be imposed on you
							be imposed on you
							if this income is
							taxable and the IRS
Account number (see instructions)							determines that it has
							not been reported.

Form 1099-Q	(keep for your records)		www.irs.gov/Form1099Q			Department of the Treasury - Internal Revenue Service

Instructions for Recipient

Distributions from Coverdell education savings accounts (CESAs) under section 530, and qualified tuition programs (QTPs) under section 529, including rollovers, may be taxable. Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return. You must determine the taxability of any distribution. See Pub. 970 and Form 1040 and its separate instructions for more information. Also see Form 5329 and its separate instructions.

Recipient's taxpayer identification no. (TIN). For your protection, this form may show only the last four digits of your TIN (SSN, ITIN, ATIN, or EIN). However, the payer or trustee has reported your complete TIN to the IRS.

Account number. May show an account or other unique number the payer has assigned to distinguish your account.

Box 1. Shows the gross distribution (including in-kind distributions) paid to you this year from a QTP or a CESA. This amount is the total of the amounts shown in box 2 and box 3. See Pub. 970 for more information.

Caution: For CESA distributions (other than earnings on excess contributions) made during 2019, the payer/trustee is not required to report amounts in boxes 2 and 3. Instead, the payer/trustee may report the fair market value of the CESA as of December 31, 2019, in the blank box below boxes 5 and 6. To figure your earnings and basis, use the Coverdell ESA—Taxable Distributions and Basis worksheet in Pub. 970.

Box 2. Shows the earnings part of the gross distribution shown in box 1. Generally, amounts distributed that are used to pay for qualified education expenses, transferred between trustees, or rolled over to another qualified education program, or to an ABLE account, within 60 days, are not included in income.

Under a QTP, the amount in box 2 is included in income if there has been (a) more than one transfer or rollover within any 12-month period with respect to the same beneficiary, or (b) a change in the designated beneficiary and the new designated beneficiary is not a family member.

Under a CESA, the amount in box 2 is included in income if there has been a change in the designated beneficiary and the new designated beneficiary is not a family member or is over age 30 (except for beneficiaries with special needs).

Also, an additional 10% tax may apply to part or all of any amount included in income from the CESA or QTP. See Form 5329 and your tax return instructions for more information.

If a final (total) distribution is made from your account and you have not recovered your contributions, see Pub. 970 to determine if you have a deductible loss and how to claim it.

Box 3. Shows your basis in the gross distribution reported in box 1.

Box 4. This box is checked if a trustee-to-trustee transfer was made from one QTP to another QTP, from one CESA to another CESA, from a CESA to a QTP, or from a QTP to an ABLE account. However, in certain transfers from a CESA, the box will be blank.

Box 5. Shows whether the gross distribution was from a QTP (private or state) or from a CESA.

Box 6. The designated beneficiary is the individual named in the document creating the trust or custodial account to receive the benefit of the funds in the account. If you are not the designated beneficiary, see Pub. 970 and the Instructions for Form 1040.

Distribution codes. For 2019, the payer/trustee may, but is not required to, report (in the box below boxes 5 and 6) one of the following codes to identify the distribution you received: 1—Distributions (including transfers); 2—Excess contributions plus earnings taxable in 2019; 3—Excess contributions plus earnings taxable in 2018; 4—Disability; 5—Death; 6—Prohibited transaction.

Future developments. For the latest information about developments related to Form 1099-Q and its instructions, such as legislation enacted after they were published, go to WWW.IRS.GOV/FORM1099Q.

VOID

CORRECTED

PAYER’S/TRUSTEE'S name, street address, city or town, state or province,			1 Gross distribution		OMB No. 1545-1760	Payments From
country, ZIP or foreign postal code, and telephone no.						Payments From
country, ZIP or foreign postal code, and telephone no.						Qualified
						Qualified
			$		2019	Education
			2 Earnings		2019	Programs
			2 Earnings			Programs
						(Under Sections
			$		Form 1099-Q	529 and 530)
			$		Form 1099-Q
PAYER’S/TRUSTEE'S TIN	RECIPIENT’S TIN		3 Basis		4 Trustee-to-trustee	Copy C
			$		transfer	Copy C
			$
RECIPIENT’S name			5 Distribution is from:		6 Check if the recipient is	For Payer
			• Qualified tuition program—		not the designated	For Privacy Act
			• Qualified tuition program—		beneficiary	For Privacy Act
			Private	or State		and Paperwork
Street address (including apt. no.)			• Coverdell ESA			Reduction Act
Street address (including apt. no.)			• Coverdell ESA			Notice, see the


City or town, state or province, country, and ZIP or foreign postal code						2019 General
						Instructions for
						Certain
Account number (see instructions)						Information
						Returns.

Form 1099-Q		www.irs.gov/Form1099Q			Department of the Treasury - Internal Revenue Service

Instructions for Payer/Trustee

To complete Form 1099-Q, use:

•The 2019 General Instructions for Certain Information Returns, and

•The 2019 Instructions for Form 1099-Q.

To order these instructions and additional forms, go

to WWW.IRS.GOV/FORM1099Q.

Due dates. Furnish Copy B of this form to the recipient by January 31, 2020.

File Copy A of this form with the IRS by February 28, 2020. If you file electronically, the due date is March 31,

2020. To file electronically, you must have software that generates a file according to the specifications in Pub. 1220.

Need help? If you have questions about reporting on Form 1099-Q, call the information reporting customer service site toll free at 866-455-7438 or 304-263-8700 (not toll free). Persons with a hearing or speech disability with access to TTY/TDD equipment can call 304-579-4827 (not toll free).

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1099 q completion process outlined (stage 1)

2. Just after filling out the last part, head on to the next part and enter the necessary particulars in all these fields - CORRECTED if checked, PAYERSTRUSTEES name street address, Gross distribution, OMB No, PAYERSTRUSTEES TIN, RECIPIENTS TIN, RECIPIENTS name, Street address including apt no, City or town state or province, Account number see instructions, Earnings, Basis, Distribution is from, Qualified tuition program, and Private.

3. Through this step, look at VOID, CORRECTED, PAYERSTRUSTEES name street address, Gross distribution, OMB No, Earnings, Basis, Distribution is from, Qualified tuition program, Private, or State, Coverdell ESA, Form Q Trusteetotrustee, transfer, and Check if the recipient is. Each of these must be completed with highest precision.

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