1099q

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  • tsuewalker
    Member
    • Feb 2013
    • 88
    #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
    • ATSMAN
      Senior Member
      • Jul 2013
      • 2415
      #2
      Originally posted by tsuewalker
      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

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