Announcement

Collapse
No announcement yet.

1099q

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    1099q

    I have a client that presents a 1099Q. The form shows an amt for gross distribution, an amt for earning and an amt for basis. There appears to be earnings in the amt of $289. Is this information reported on the 1040 somewhere?

    Thanks for your help in advance!
    Tags: None
    #2
    Originally posted by tsuewalker View Post
    I have a client that presents a 1099Q. The form shows an amt for gross distribution, an amt for earning and an amt for basis. There appears to be earnings in the amt of $289. Is this information reported on the 1040 somewhere?

    Thanks for your help in advance!
    You need the college payment statement also to figure out what the total paid for the year was. If it was more or equal to the 1099Q, no reporting is required. If less then the gains (prorated) will have to be reported on line 21. Also no double dipping if it involves AOC or LLC.
    Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

    Comment

    Previous template Next

    Disclaimer

    Collapse

    This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

    Working...
    X