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Get your taxes done using TurboTax
It depends. The person who receives the funds and whose Social Security number is on the form has to report the 1099-Q on their tax return.
Whose social security number is on the 1099-Q? Keep in mind that there is no need to report the 1099-Q if the 1099-Q was used for qualified educational expenses. Only the amount that was not used for qualified educational expenses has to be reported as other income.
March 13, 2022
4:40 PM