Form 1099 Q PDF Details

The Form 1099-Q is an important document that many Americans rely on when filing their taxes. This form reports distributions from qualified tuition programs, also known as 529 plans. If you have received a Form 1099-Q, it is important to understand what it means and how to file your taxes correctly. Our team at the Tax Institute can help you navigate this process and ensure that you receive the maximum tax benefits available to you. Contact us today for more information!

QuestionAnswer
Form NameForm 1099 Q
Form Length5 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min 15 sec
Other nameswhat is form 1099 q, irs form 1099 q, 1099 q qualified expenses, form 1099 q

Form Preview Example

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.

 

 

 

 

 

 

 

 

 

 

Qualified

 

 

 

 

 

 

 

 

 

 

 

 

$

 

2019

 

Education

 

 

 

 

2 Earnings

 

 

Programs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Under Sections

 

 

 

 

$

 

Form 1099-Q

 

529 and 530)

 

 

 

 

 

 

 

PAYER’S/TRUSTEE'S TIN

 

RECIPIENT’S TIN

 

3 Basis

 

4 Trustee-to-trustee

Copy A

 

 

 

 

$

 

transfer

For

 

 

 

 

 

 

 

RECIPIENT’S name

 

 

 

5 Distribution is from:

6 Check if the recipient is

Internal Revenue

 

 

 

 

• Qualified tuition program—

not the designated

Service Center

 

 

 

 

beneficiary

 

 

 

 

 

 

 

 

 

 

 

 

Private

or State

 

 

File with Form 1096.

 

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

Qualified

 

 

 

 

 

 

 

 

 

 

 

 

$

 

2019

 

Education

 

 

 

 

2 Earnings

 

 

Programs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Under Sections

 

 

 

 

$

 

Form 1099-Q

 

529 and 530)

 

 

 

 

 

 

 

PAYER’S/TRUSTEE'S TIN

RECIPIENT’S TIN

 

3 Basis

 

4 Trustee-to-trustee

Copy B

 

 

 

 

$

 

transfer

For Recipient

 

 

 

 

 

 

 

RECIPIENT’S name

 

 

 

5 Distribution is from:

6 If this box is checked, the

This is important tax

 

 

 

 

 

 

recipient is not the

 

 

 

 

• Qualified tuition program—

information and is

 

 

 

 

designated beneficiary

 

 

 

 

 

 

being furnished to

 

 

 

 

Private

or State

 

 

 

 

 

 

 

 

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,

 

 

 

 

or other sanction may

 

 

 

 

Tax Benefits for Education, for how to figure earnings.

City or town, state or province, country, and ZIP or foreign postal code

 

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.

 

 

 

 

 

 

 

 

 

 

Qualified

 

 

 

 

 

 

 

 

 

 

$

 

2019

 

Education

 

 

 

2 Earnings

 

 

Programs

 

 

 

 

 

 

 

 

 

 

 

 

 

(Under Sections

 

 

 

$

 

Form 1099-Q

 

529 and 530)

 

 

 

 

 

 

PAYER’S/TRUSTEE'S TIN

RECIPIENT’S TIN

 

3 Basis

 

4 Trustee-to-trustee

Copy C

 

 

 

$

 

transfer

 

 

 

 

 

 

 

RECIPIENT’S name

 

 

5 Distribution is from:

6 Check if the recipient is

For Payer

 

 

 

• Qualified tuition program—

not the designated

For Privacy Act

 

 

 

beneficiary

 

 

 

Private

or State

 

 

and Paperwork

Street address (including apt. no.)

 

 

• Coverdell ESA

 

 

 

Reduction Act

 

 

 

 

 

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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This PDF doc needs specific information; in order to ensure accuracy and reliability, don't hesitate to take into account the subsequent recommendations:

1. Whenever filling in the 1099 q qualified expenses, ensure to include all needed blanks in their corresponding form section. This will help to expedite the process, allowing for your details to be handled fast and properly.

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.

Part number 2 in completing 1099 q

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.

Step no. 3 in completing 1099 q

Those who use this PDF often make errors while completing transfer in this section. Ensure that you re-examine whatever you type in here.

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