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paige-whitman
New Member

If already filed my taxes and found a 1099-Q form what do I have to do in order to file it? What is the process I should take? Will I be getting less money back?

 
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MollsBBU
New Member

If already filed my taxes and found a 1099-Q form what do I have to do in order to file it? What is the process I should take? Will I be getting less money back?

Since you have transmitted your returns, you will need to wait for them to be accepted or rejected.

  • If rejected, you may correct and resubmit.

  • If accepted, you'll have to amend (available late January or early February 2018).

Amendment instructions can be found here when the form is available: https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

Note:

  • Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.
    • You're free to cash your refund check or spend it once you have it. You don't need to wait for your amendment to finish processing, which can take another 3-4 months.
    • If you owe money after amending, you'll just include payment with your mailed amendment form.
    • And if your amendment results in a second refund, you'll get a check for the additional amount.
  • An amended return, Form 1040X, can only be printed and mailed to the IRS, it cannot be e-filed.  
  • The IRS will take 12 weeks or longer to process an amended tax return.
  • 3 weeks after you mailed your amendment, you can start tracking its progress at the IRS Where's My Amended Return? site.


When you enter your 1099-Q while working in amendment, you may find you owe to IRS/your state after. 

"If you contribute money to a qualified tuition program, such as a 529 plan or a Coverdell ESA, you will likely receive an IRS Form 1099-Q in each year you make withdrawals to pay school expenses of the beneficiary. The 1099-Q reports the total of all withdrawals you make during the year; however, some of this amount may be taxable depending on how you spend the money.See this TurboTax article for more information on the 1099-Q.


Please note: When you return to the program to work in amendment, your refund meter will reset to $0. It does not wipe out any refund amount you are expecting from the first time you file. Rather, changes made from this point will be starting from scratch. Please see How does the refund math work on amendments? for more information.

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2 Replies
MollsBBU
New Member

If already filed my taxes and found a 1099-Q form what do I have to do in order to file it? What is the process I should take? Will I be getting less money back?

Since you have transmitted your returns, you will need to wait for them to be accepted or rejected.

  • If rejected, you may correct and resubmit.

  • If accepted, you'll have to amend (available late January or early February 2018).

Amendment instructions can be found here when the form is available: https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed

Note:

  • Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.
    • You're free to cash your refund check or spend it once you have it. You don't need to wait for your amendment to finish processing, which can take another 3-4 months.
    • If you owe money after amending, you'll just include payment with your mailed amendment form.
    • And if your amendment results in a second refund, you'll get a check for the additional amount.
  • An amended return, Form 1040X, can only be printed and mailed to the IRS, it cannot be e-filed.  
  • The IRS will take 12 weeks or longer to process an amended tax return.
  • 3 weeks after you mailed your amendment, you can start tracking its progress at the IRS Where's My Amended Return? site.


When you enter your 1099-Q while working in amendment, you may find you owe to IRS/your state after. 

"If you contribute money to a qualified tuition program, such as a 529 plan or a Coverdell ESA, you will likely receive an IRS Form 1099-Q in each year you make withdrawals to pay school expenses of the beneficiary. The 1099-Q reports the total of all withdrawals you make during the year; however, some of this amount may be taxable depending on how you spend the money.See this TurboTax article for more information on the 1099-Q.


Please note: When you return to the program to work in amendment, your refund meter will reset to $0. It does not wipe out any refund amount you are expecting from the first time you file. Rather, changes made from this point will be starting from scratch. Please see How does the refund math work on amendments? for more information.

tsurugi90
New Member

If already filed my taxes and found a 1099-Q form what do I have to do in order to file it? What is the process I should take? Will I be getting less money back?

I see nowhere on the 1040X that asks for the information from the 1099Q. I have been looking at this program for hours now and the only 1099s it asks for are MISC, T, or others. No Q. How do we amend this?

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