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Get your taxes done using TurboTax
If your entire 1099-Q distribution was used for Eligible Education Expenses, you are not required to enter it into your tax return.
For most qualified education program beneficiaries, the amounts reported on the 1099-Q aren’t reported on a tax return. However, if annual distributions exceed your adjusted qualified education expenses, you may need to report some of the earnings reported in box 2 as income on your tax return and pay an additional 10 percent tax on it as well
Click the link for more detailed article on 1099-Q.
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January 31, 2020
1:53 PM