Article: 50183
Overview
Form 1099-Q is used to report payments from qualified education programs.
Taking distributions from education savings accounts, such as Qualified Tuition Programs (QTP), also known as 529 plans, and Coverdell ESAs, for qualified education expenses is tax free. If your distributions for the year are more than your qualified education expenses, you may be required to report the excess as income and pay taxes plus a 10% penalty.
Entering Form 1099-Q
To enter information for Form 1099-Q,
- Go to Federal Taxes
- Click Review.
- Click I’d like to see the forms I’ve filled out or search for a form.
- Type 529 in the search box. Click Add form next to Form 5329 – Additional Tax on Qualified Plans.
- Select who the form is for and go to Part II.
- Enter the applicable information and click Save.
Additional Information
See the IRS Instructions for Form 1099-Q for more information.