Form 1099-Q, Payments from Qualified Education Programs
Form 1099-Q reports money paid out of a 529 plan or Coverdell education savings account during the year. Fill in the official IRS PDF below and download it.
This is the genuine IRS PDF, unmodified. Source: IRS official page.
What is 1099-Q?
Form 1099-Q, Payments from Qualified Education Programs (Under Sections 529 and 530), is filed by the program administrator whenever a qualified tuition program or Coverdell ESA makes a distribution. Box 1 shows the gross distribution, box 2 the earnings portion, and box 3 the return of the original contributions, called basis.
The earnings are tax-free when the distribution does not exceed the beneficiary’s adjusted qualified education expenses for the year. Otherwise, part of the earnings is taxable to the person whose SSN is on the form and may carry an additional tax.
Who files 1099-Q?
- State 529 plan administrators and eligible educational institutions running qualified tuition programs
- Banks and brokers acting as trustees of Coverdell education savings accounts
- Officers or designees who control the program and made a distribution during the year
- Account owners and beneficiaries receive the form; they do not file it
How to fill out 1099-Q
- Enter the payer or trustee’s name, address, and TIN in the left-hand boxes.
- Add the recipient’s TIN, name, and address: the beneficiary if funds went to them or their school, otherwise the account owner.
- Report the gross distribution in box 1, earnings in box 2, and basis in box 3.
- Check box 4 for a trustee-to-trustee transfer, mark whether the account is a QTP or a Coverdell ESA in box 5, and check box 6 if the recipient is not the designated beneficiary.
- Download the PDF, furnish the recipient copy, and file Copy A with the IRS electronically or on official scannable stock.
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Frequently asked questions
Is my 1099-Q distribution taxable?
Not if the total distribution was no more than the beneficiary’s qualified education expenses for the year, after subtracting tax-free aid. If it was more, part of the box 2 earnings is taxable and may owe an additional tax.
Whose return does the 1099-Q go on?
The person whose SSN appears on the form as recipient. Distributions paid directly to the beneficiary or their school are reported under the beneficiary’s SSN, which often means little or no tax.
Do I attach Form 1099-Q to my tax return?
No. Keep it with your records along with receipts for tuition, fees, books, and room and board so you can show the distribution was qualified if asked.