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1099 Q for QTP

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    #1

    1099 Q for QTP

    I am totally confused on distribution from QTP. The book says the distributions are taxed to the owner. Does this mean if the money is not all spent for tuition, books, room and board the owner pays taxes on it? How can that be when the deposited money had already been taxed? Or is the taxable part only the earnings on the plan?
    Linda
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    #2
    1099q

    TTB 12-5 has an example for calculating the taxable portion. You are right about the earnings being the portion that is taxable. The earnings should have been reported in box 2.

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