Form 1099Q

[Duane Anderson]

Box 1 of the above shows Gross distribution and box 2 shows earnings and box 3 basis.

Is the amount in box 2 taxable, and if so where does it show in the return. Thanks, I have not been able to determine the answer on this website or the IRS website....Duane Anderson

[TAXNJ]

Client - missing piece

Box 1 of the above shows Gross distribution and box 2 shows earnings and box 3 basis.

Is the amount in box 2 taxable, and if so where does it show in the return. Thanks, I have not been able to determine the answer on this website or the IRS website....Duane Anderson

MISSING PIECE: Have you asked the client for the supporting documents related to the Form1099Q ?

See below to answer the second part of your question

http://www.irs.gov/pub/irs-pdf/i1099q.pdf

[FEDUKE404]

More info

Your tax software should have a worksheet for Form 1099-Q entries. Go through the Q&A for help??

Is this from a Coverdell or what?

In answer to your question: IF there is taxable income it most likely will end up on line 21 of Form 1040. Most people use such distributions in the presence of qualifying education expenses (which are broad) and thus taxable income is infrequent.

FE

[TAXNJ]

Info on IRS site missed

MISSING PIECE: Have you asked the client for the supporting documents related to the Form1099Q ?

See below to answer the second part of your question

http://www.irs.gov/pub/irs-pdf/i1099q.pdf

Box 1 of the above shows Gross distribution and box 2 shows earnings and box 3 basis.

Is the amount in box 2 taxable, and if so where does it show in the return. Thanks, I have not been able to determine the answer on this website or the IRS website....Duane Anderson

This is on the IRS site!!! It might address some of your question. BUT you need to & should consult with your client to ensure you have all the info. (Click on line below)

http://www.irs.gov/publications/p970/ch08.html