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I received 1099-Q for my daughter. the message is if used for education, I dont need to file anything. is that true? do i need to show proof?

 
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1 Reply
MinhT1
Expert Alumni

I received 1099-Q for my daughter. the message is if used for education, I dont need to file anything. is that true? do i need to show proof?

Yes, this is true.

 

If you have education expenses and room and board for your daughter in an amount which is greater or equal to the distribution reported on form 1099-Q, then you don't need to report that form 1099-Q on your tax return. You have to do the calculation yourself and keep that calculation, and the form 1099-Q in your tax records.

 

On form 1099-Q, instructions to the recipient read: "Nontaxable distributions from CESAs and QTPs are not required to be reported on your income tax return. You must determine the taxability of any distribution." 

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