, Answering FAQ'sTurboTax Employee
What is Form 1099-Q?
You may receive Form 1099-Q if you:
- Received a distribution from a Coverdell education savings account (ESA).
- Received tuition benefits or a refund from a qualified tuition program (QTP).
- Changed programs or program trustees.
- Are the designated beneficiary of an estate.
Usually, these distributions are not taxable to you if you transferred the funds to another program, another family member, or used the funds to pay for your education.
Entering Form 1099-Q into TurboTax
Don't worry! When you use TurboTax, we'll ask you the right questions to make sure any distribution from an education savings account gets correctly reported. We then will enter it on the right form and perform all the calculations for you.
If you've already gone through the step-by-step interview and want to jump directly to the entry screen for this topic, follow these directions.
- Select Federal Taxes (Personal in the Home & Business edition).
In Online TurboTax, click the bars at the upper left corner to show Federal Taxes on the selection list; enlarge the screen if needed to show the left side selection list.
- Select Wages & Income, and in the new screen, click on Explore on My Own.
- Scroll down the Your Income Summary screen until you see the Less Common Income group.
- Click on the Start/Update button next to the Miscellaneous Income, 1099-A, 1099-C category.
- On the Miscellaneous Income screen, click on the Start/Update button next to Coverdell ESA and 529 qualified tuition programs (Form 1099-Q)
- Follow the prompts.
What if I received two or more 1099-Qs?
After you have entered in your first 1099-Q, you will have the option to add additional forms. Simply click on the Add a 1099-Q button, and we'll walk you through the process.
If you have yet to receive your 1099-Q, see I haven't received a form I need to file.
If you need to correct or change any information you have entered from your 1099-Q, the steps you take depends on if you have already filed your tax return.
- If you have yet to file your return, simply follow the navigation instructions above, and correct or change your information.
- If you have already filed your return and it was accepted by the IRS, you will need to amend your return. Please refer to How to Amend a Return You already Filed.
If you have questions about:
- What are 529 Plans?
- Importing Your W-2, 1099, and 1098 Forms
- Printing a copy of your tax return
- Availability of form 1099-Q, please see Federal tax form availability.
When you still have questions or want confirmation about your tax questions, see Have a Specific Tax Law Question.