See Also
IRS Audits 529 Plans - Ann Arbor Investment ManagementWhat Do You Do With Form 1098-T and 1099-Q? — How to Pay for CollegeWhere do I enter room and board expenses for college? The 1098-T section only asks about tuition. 1099-Q section is no help either.1099 Q received, do I need to enter it in TurboTax. It was used for qualified education expensesHow do I enterIRS 1099-Q Distributions from Education Programs 529 and 530 in a 1040return using interview forms?
- Go to Federal Interview Form IRS-1099Q- Payments from Qualified Education Programs.
- In Box 55 -(1)Gross distribution,enter the amount.
- In Box 56 -(2) Earnings,enter the amount.
- In Box 57 -(3) Basis,enter the amount.
- In Boxes 59-61- (5) Qualified tuition program type,enter X in the appropriate field.
- In Boxes100-141 - Additional Information, enter information asapplicable.
- Calculate thereturn.
Notes
- Use a new sheetfor each separate account.
- Information entered on the IRS 1099-Q will flow to the QEPD worksheet, and if taxable, to Form 1040Line 21.
- For additional information regarding IRS 1099-Q forms, see IRS Publication 970 Tax Benefits for Education.
Solution Tools
See Also
What is IRS Form 1099-Q?Attachments
| Solution Id | 000173872/sw2752 |
|---|---|
| Direct Link |
