I have a 1099-Q form but wasn’t asked to enter it, what do I need to do?

jacobmy1990 · ‎January 31, 2020

DawnC · ‎January 31, 2020

If the distribution doesn’t exceed the amount of the student's qualifying expenses, then you don't have to report any of the distribution as income on your tax return.

If the distribution exceeds these expenses, then you must report the earnings on the excess as "other income" on your tax return. When you pay a student’s school expenses with these funds, you cannot claim a tuition deduction or either of the educational tax credits for the same expense.

If you need to enter it, click on this link and follow the instructions - Where do I enter a 1099-Q?

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View solution in original post

DawnC · ‎January 31, 2020

If the distribution doesn’t exceed the amount of the student's qualifying expenses, then you don't have to report any of the distribution as income on your tax return.

If the distribution exceeds these expenses, then you must report the earnings on the excess as "other income" on your tax return. When you pay a student’s school expenses with these funds, you cannot claim a tuition deduction or either of the educational tax credits for the same expense.

If you need to enter it, click on this link and follow the instructions - Where do I enter a 1099-Q?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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I have a 1099-Q form but wasn’t asked to enter it, what do I need to do?