Maybe. Form 1099-Q reports distributions and benefits from Coverdell education savings accounts and 529 plans. It's reported on the tax return of the person whose Social Security number is on the form.
She should file her own tax return showing her income and interest (if only to get any Federal tax withheld back). It also establishes a record of those earnings for Social Security purposes. Be sure that she indicates that she is listed as a dependent on someone else's return (her parent(s)).
Please see this TurboTax FAQ for instructions on Where do I enter a 1099-Q?
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