The distribution code will determine how any taxes are calculated on the 1099-Q income. You need to contact the financial institution that issued the 1099-Q and learn the distribution code for the withdrawal of funds.
Form 1099-Q - Payments from Qualified Education Programs
Distribution Codes
- Distributions
- Excess contributions plus earnings taxable in the current tax year
- Excess contributions plus earnings taxable in the prior yea
- Disability
