how to file form 1099 q
form 1099 q must include the payer trustee s name address telephone number and tax identification number tin along with the recipient s name address account number and tin which for individuals is typically their social security number 10the form includes six numbered boxes box 1 this will have the gross distribution over the past year from a qtp or a cesa whether cash or in kind including tuition credits or certificates vouchers waivers or any similar items under a qtp the amount is included in income if there has been more than one transfer or rollover within any 12 month period with respect to the same beneficiary or a change in the designated beneficiary has been made and the new designated beneficiary is not a family member under a cesa the amount is included in income if there has been a change in the designated beneficiary and the new designated beneficiary is not a family member or is over age 30 except for beneficiaries with special needs box 2 look here for the total amount of earnings box 3 this shows your basis in the gross distribution listed in box 1 it must equal box 1 minus box 2 4box 4 this must be checked off if this is a trustee to trustee transfer and this can include rollovers from a qtp to an achieving a better life experience able account 5 such rollovers are allowed under the tax cuts and jobs act between dec 22 2017 and jan 1 2026 without incurring any penalty or income tax however the rollover must occur within 60 days of the distribution 11box 5 here a box is checked indicating the type of account box 6 this notes whether or not the recipient is the designated beneficiary 5filers who fill out the form can also enter a distribution code in the blank spaces below boxes 5 and 6 if they choose there are three copies of the 1099 q the distributor files copy a with the irs sends you copy b and retains copy c you should receive form 1099 q in the mail 10if distributions aren t taxable taxpayers receiving a 1099 q don t need to report them in their tax return but should keep the form with their tax records if distributions are subject to taxes then the amount is added to line 8z of schedule 1 and attached to form 1040 your federal tax return while also retaining your 1099 q copy with your tax records 1213because the irs receives very few 1099 qs the form has been converted to an online fillable format 7form 1099 q is available on the irs website if you received qualified education program funds your distributor should send you a copy of form 1099 q if you haven t received a 1099 q and believe you should have contact your distributor 