Missing Distribution Code on 1099-Q

Forum|Forum|5 years ago
February 28, 2021
2 replies
20 views

I received 1099-Q but it does not include Distribution Code. Shall i leave it as 'no entry'?

Best answer by AmyC

If all of the distribution was used on room and board, tuition, and other qualified expenses, you do not need to report your 109-Q at all. You can leave it off with no worries other than to keep proof that it was all spent - just in case the IRS ever asks.

MaryM428

Level 11

The distribution code will determine how any taxes are calculated on the 1099-Q income. You need to contact the financial institution that issued the 1099-Q and learn the distribution code for the withdrawal of funds.

Form 1099-Q - Payments from Qualified Education Programs

Distribution Codes

Distributions
Excess contributions plus earnings taxable in the current tax year
Excess contributions plus earnings taxable in the prior yea
Disability

main0stageAuthor

Level 3

I called Utah529 and the person didnt know anything about 'Distribution Code' and she also informed me that 1099-Q is not required to be reported unless i had unqualified withdrawals. Since all my withdrawals were used for qualified expenses, not sure if 'Distribution Code' is needed. And if it is, then based on above response, '1' sounds most appropriate as it is "Distribution'. I have no clue