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  • JG EA
    replied
    If this helps - start with 5329, Part 2.

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  • BP.
    replied
    Sorry . . . Point was that p. 55 says if earnings used, nothing taxable. That means no reporting.
    If nothing taxable, I leave 1099-Q off return. Haven't had a prob or notice yet when doing so.
    Last edited by BP.; 02-25-2011, 10:11 AM.

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  • cfsadvsr
    replied
    My original question was not how to determine the taxable amount, I realize all of the amount was used for qualified expenses, plus. I was concerned about not including anything as taxable, then having the IRS write the client about the amount they owe because there was growth in the account. This has happened in the recent past to some clients. The IRS apparently pays no attention to the educational expenses on the 1098T.

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  • BP.
    replied
    Originally posted by cfsadvsr View Post
    How do you deal with the 1099-Q when there are earnings, so the IRS won't harass the client; even though there is also a 1098-T with a higher amount than the 1099-Q withdrawal.
    There's a pub for that. Check out p.55:
    http://www.irs.gov/pub/irs-pdf/p970.pdf

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  • solomon
    replied
    Is there a distribution code on the 1099-Q - this is optional but useful.

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  • cfsadvsr
    started a topic 1099-q

    1099-q

    How do you deal with the 1099-Q when there are earnings, so the IRS won't harass the client; even though there is also a 1098-T with a higher amount than the 1099-Q withdrawal.
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