1099q

[TAX]

Client's son, a dependednt, got 1099-Q in his name.

Does son or parent need to report it?

Looking at the Webcd, it seems that son does not have to report?

1099-Q has gross dist, Income Earned, and base cost on the form.

Just wanted to confirm.

[travis bickle]

not unless

Client's son, a dependednt, got 1099-Q in his name.

Does son or parent need to report it?

Looking at the Webcd, it seems that son does not have to report?

1099-Q has gross dist, Income Earned, and base cost on the form.

Just wanted to confirm.

the monies were NOT used for qualified educational expenses.

if the monies were NOT used for qualified educational expenses, then the earnings [box 2] should be reported on line 21; and don't forget about the 10 % penalty tax for using tax-advantaged funds for other than their intended purpose.

save the 1099Q and ALL college expenses in case the IRS pulls his name out of a hat for a paper audit.

hope this helps.

[TAX]

Client's son, a dependednt, got 1099-Q in his name.

Does son or parent need to report it?

Looking at the Webcd, it seems that son does not have to report?

1099-Q has gross dist, Income Earned, and base cost on the form.

Just wanted to confirm.

Yes it does help. But who reports it in case money was not used for education as intended. Parent who is claiming dependent or child (as 1099-Q has child's ssn #)

[travis bickle]

the irs website

Yes it does help. But who reports it in case money was not used for education as intended. Parent who is claiming dependent or child (as 1099-Q has child's ssn #)

says the following concerning the filing of Form 1099Q:
"Recipient's Name and Social Security Number (SSN)

For a qualified tuition program, list the designated beneficiary as the recipient only if the distribution is made (a) directly to the designated beneficiary, or (b) to an eligible educational institution for the benefit of the designated beneficiary. Otherwise, list the account owner as the recipient of the distribution. Enter the SSN for the applicable recipient."

so, i would say that if any portion of it was considered taxable [i.e., not used for educational purpose], that it would be reported on the child's return since it has his/her ssn.

again, hope this helps.