Form 1099-Q reports distributions and benefits from Coverdell education savings accounts and 529 plans.
The 1099-Q is reported on the recipient's tax return (the person whose Social Security number is on the form). If the funds went directly to the school, consider the student as the recipient, and if the student is your dependent, you should enter the 1099-Q on your return.
Here's how to enter your 1099-Q in TurboTax (if using the mobile app, tap here for alternate instructions:(
- Open your return, if it's not already open.
(To do this, sign in to TurboTax and select the Take me to my returnbutton.)
- Search for "1099q" or "1099-q" (upper or case "Q" is okay) and then select the "Jump to" link in the search results.
- Follow the onscreen instructions to report the 1099-Q.If you land on the Form 1099-Q Summary screen: Select Add a 1099-Q.If using Free Edition: Follow the prompts to upgrade to Deluxe after you've entered your 1099-Q.
