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1099Q Income - where does this show on the 1040?

Last year our 1099Q income showed 1040 Schedule 1 Part 1 Additional Income.  It then appears in the total on the 1040 Line 8 - other income from Schedule 1, line 9.

 

This year I no longer see it on Schedule 1 Part 1 under Additional Income.

 

Has this been removed for 2022?  Is it to appear anywhere else or is the 1099Q income no longer taxable?

 

Thank you in advance - last item before I finally efile!

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3 Replies
PattiF
Expert Alumni

1099Q Income - where does this show on the 1040?

Form 1099-Q may show taxable income depending on how you spend the money. The 1099-Q reports the total of all withdrawals you make during the year.  If the amount shown on the 1099-Q was used for educational purposes, then none of it will be taxable and will not be included on Schedule 1.

 

The 1099-Q provides three key pieces of information. Box 1 reports your annual distributions or withdrawals from the account. The second box reports the portion of the distribution that represents the income or earnings of your initial investment. Finally, box 3 reports your basis in the distribution. Essentially, this is the amount of your distribution that relates to the original contributions you make to the account.

 

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.

 

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1099Q Income - where does this show on the 1040?

OK - thank you very much!

 

I now understand now why it appeared last year and is not appearing this year.

PattiF
Expert Alumni

1099Q Income - where does this show on the 1040?

You are welcome!

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