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1099Q revisited

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    #1

    1099Q revisited

    Okay, I read last years posts about the 1099Q, so still "fuzzy"

    Form 1099 Q Issued to Dependent Child - Box 1 Gross Distribution $ 2109, Box 2 Earnings $342, and box 3 Basis $ 1767, parents are claiming dependent and tuition - Hope Credit on their return.

    So anything that needs to be done with the 1099Q form?

    Sandy
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    #2
    1099-q

    Sandy, have a look at TTB, p. 12-5, example #1, at the top of the column on the right. This example may fit nicely with your situation, and show you how to figure what portion, if any, of the earnings on the 1099-Q are taxable.

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      #3
      Just a.......

      ............ quick note. The 1099Q get reported on the Student's return if there is excess withdrawals over parents deduction.

      Most times the taxable portion can be excluded from the 5329 10% penalty.
      Last edited by BOB W; 02-07-2007, 08:05 AM.
      This post is for discussion purposes only and should be verified with other sources before actual use.

      Many times I post additional info on the post, Click on "message board" for updated content.

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      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.

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