Who should file Form 1099-Q?

Qualified education program providers, such as educational institutions and state agencies, are required to file Form 1099-Q for each recipient of a distribution from their qualified tuition program or Coverdell Education Savings Account during the calendar year.

What is the purpose of Form 1099-Q?

Form 1099-Q, also known as the 'Qualified Tuition Program (QTP) Distributions' form, is used to report distributions from a qualified tuition program or Coverdell Education Savings Account to recipients and the Internal Revenue Service (IRS).

What are the different types of distribution codes for Form 1099-Q?

Form 1099-Q has distribution codes that indicate the type of distribution made. These include distribution code 1, which is used for distributions made to a recipient and any direct payments to a qualified educational facility; distribution code 2, which is used for excess contributions plus earnings taxable in the current year; distribution code 3, which is used for excess contributions plus earnings taxable in the prior year; distribution code 4, which is used for disability distributions made after the recipient was disabled; and distribution code 5, which is used for prohibited transactions.

What is a Trustee-to-Trustee Transfer?

A Trustee-to-trustee transfer is a distribution of funds from one Qualified Tuition Program (QTP) to another QTP. This type of transfer does not result in taxable income and is allowed by the IRS under certain circumstances.

What are the requirements for establishing a QTP?

To establish a Qualified Tuition Program (QTP), an eligible educational institution must meet certain requirements set by the IRS. These include being a public or private college, university, vocational school, or other postsecondary educational institution that is eligible to participate in a student aid program under Title IV of the Higher Education Act of 1965. Additionally, the QTP must have a written agreement with the institution and be designated as a QTP on the institution's website.

What is a Coverdell ESA?

A Coverdell Education Savings Account (Coverdell ESA) is a type of Qualified Tuition Program that allows individuals to make tax-free withdrawals or distributions from their accounts in certain circumstances. The distribution must be made for qualified education expenses, such as tuition, fees, room, and board.

A Qualified Tuition Program (QTP) is a program established and maintained by an eligible educational institution that allows individuals to make tax-free withdrawals or distributions from their accounts in certain circumstances. The distribution must be made for qualified education expenses, such as tuition, fees, room, and board.

What information is required on Form 1099-Q?

Form 1099-Q requires the following information: recipient's name and taxpayer identification number (TIN), QTP or Coverdell ESA account number, gross distribution amount, earnings or losses, basis (if determinable), distribution codes, trustee-to-trustee transfer flag, private/state/Coverdell ESAs checkbox, and designated beneficiary checkbox.

What are the requirements for establishing a Coverdell ESA?

To establish a Coverdell Education Savings Account (Coverdell ESA), an eligible educational institution must meet certain requirements set by the IRS. These include being a public or private college, university, vocational school, or other postsecondary educational institution that is eligible to participate in a student aid program under Title IV of the Higher Education Act of 1965. Additionally, the Coverdell ESA must have a written agreement with the institution and be designated as a Coverdell ESA on the institution's website.

Form 1099-Q

Fill out this form

Create Web Form

Payments From Qualified Education Programs (Under Sections 529 and 530)

Rev. November 2019

These instructions explain how to complete and file Form 1099-Q, which reports distributions from qualified education programs, including Coverdell Education Savings Accounts (ESAs) and Qualified Tuition Programs (QTPs). The form is used by payers or trustees to report gross distributions, earnings, basis, and other relevant information to the IRS and recipients.

Instructions

Form 1099-Q Instructions - Instructions for Form 1099-Q, Payments From Qualified Education Programs (Under Sections 529 and 530)

Search tags

Form 1099-Q

FAQ

Who should file Form 1099-Q?
Qualified education program providers, such as educational institutions and state agencies, are required to file Form 1099-Q for each recipient of a distribution from their qualified tuition program or Coverdell Education Savings Account during the calendar year.
What is the purpose of Form 1099-Q?
Form 1099-Q, also known as the 'Qualified Tuition Program (QTP) Distributions' form, is used to report distributions from a qualified tuition program or Coverdell Education Savings Account to recipients and the Internal Revenue Service (IRS).
What are the different types of distribution codes for Form 1099-Q?
Form 1099-Q has distribution codes that indicate the type of distribution made. These include distribution code 1, which is used for distributions made to a recipient and any direct payments to a qualified educational facility; distribution code 2, which is used for excess contributions plus earnings taxable in the current year; distribution code 3, which is used for excess contributions plus earnings taxable in the prior year; distribution code 4, which is used for disability distributions made after the recipient was disabled; and distribution code 5, which is used for prohibited transactions.
What is a Trustee-to-Trustee Transfer?
A Trustee-to-trustee transfer is a distribution of funds from one Qualified Tuition Program (QTP) to another QTP. This type of transfer does not result in taxable income and is allowed by the IRS under certain circumstances.
What are the requirements for establishing a QTP?
To establish a Qualified Tuition Program (QTP), an eligible educational institution must meet certain requirements set by the IRS. These include being a public or private college, university, vocational school, or other postsecondary educational institution that is eligible to participate in a student aid program under Title IV of the Higher Education Act of 1965. Additionally, the QTP must have a written agreement with the institution and be designated as a QTP on the institution's website.
What is a Coverdell ESA?
A Coverdell Education Savings Account (Coverdell ESA) is a type of Qualified Tuition Program that allows individuals to make tax-free withdrawals or distributions from their accounts in certain circumstances. The distribution must be made for qualified education expenses, such as tuition, fees, room, and board.
What is a QTP?
A Qualified Tuition Program (QTP) is a program established and maintained by an eligible educational institution that allows individuals to make tax-free withdrawals or distributions from their accounts in certain circumstances. The distribution must be made for qualified education expenses, such as tuition, fees, room, and board.
What information is required on Form 1099-Q?
Form 1099-Q requires the following information: recipient's name and taxpayer identification number (TIN), QTP or Coverdell ESA account number, gross distribution amount, earnings or losses, basis (if determinable), distribution codes, trustee-to-trustee transfer flag, private/state/Coverdell ESAs checkbox, and designated beneficiary checkbox.
What are the requirements for establishing a Coverdell ESA?
To establish a Coverdell Education Savings Account (Coverdell ESA), an eligible educational institution must meet certain requirements set by the IRS. These include being a public or private college, university, vocational school, or other postsecondary educational institution that is eligible to participate in a student aid program under Title IV of the Higher Education Act of 1965. Additionally, the Coverdell ESA must have a written agreement with the institution and be designated as a Coverdell ESA on the institution's website.

HOW TO

How to fill out Form 1099-Q for free, online in 3 easy steps:

1
Open form template in editor
Click on the “Get this template” button.
2
Fill out Form 1099-Q
Wait a moment and you will be redirected to our online PDF Filler app.
3
Download file
Download your completed Form 1099-Q for free. You can also save it to a cloud storage.

ABOUT

Tax forms

Form 1099-Q is one of Tax forms that are documents used to report information about an individual's or business's income, deductions, and tax liability to the relevant tax authority. These forms are necessary to comply with tax laws and fulfill tax obligations. Tax forms vary depending on the country and the specific tax requirements in place. Here are some common types of tax forms:

Individual Tax Forms: These forms are used by individual taxpayers to report their personal income and claim deductions, credits, and exemptions. Examples include the 1040 form in the United States or the Self-Assessment Tax Return form in the United Kingdom.

Business Tax Forms: Business tax forms are used by companies, partnerships, or self-employed individuals to report their business income, expenses, and other tax-related information. Examples include the Schedule C form (Profit or Loss from Business) in the United States or the CT600 form (Company Tax Return) in the United Kingdom.

Payroll Tax Forms: These forms are used by employers to report the wages, salaries, and taxes withheld from their employees' paychecks. Examples include the W-2 form in the United States or the P60 form in the United Kingdom.

Sales Tax Forms: Sales tax forms are used by businesses to report and remit sales tax collected on taxable goods or services. The specific sales tax forms vary by jurisdiction.

Value Added Tax (VAT) Forms: VAT forms are used in countries that impose a value-added tax to report and remit VAT collected on sales and claim VAT credits for purchases. Examples include the VAT return forms used in many countries.

Estimated Tax Forms: Estimated tax forms are used to report and pay estimated taxes on income that is not subject to withholding, such as self-employment income or investment income.

These are just a few examples of the numerous tax forms that may exist. The specific forms required depend on the tax laws and regulations in your country or jurisdiction. It is important to consult the tax authority's guidelines or seek professional advice to determine which forms are applicable to your situation.

FEATURES

PDF Filler

The easiest way to fill Form 1099-Q online

Quickly fill out Form 1099-Q
Looking for a way to quickly fill Form 1099-Q online? With our online free PDF form filler, you’ll know how to how to edit and fill this pdf document in less than a minute.
Easy to use online PDF editor
Fed up with printing out PDF files so you can edit them, before rescanning and sending them back? Edit PDF documents for free online. Use our online pdf editor to save time and paper.
Great tools, all platforms
Wondering how to fill in Form 1099-Q on a Mac, or maybe how to use a PDF filler free? Our online PDF tools work on all platforms.
Secure file storage
Completed "Form 1099-Q" files are stored in a secured database managed by Amazon Cloud hosting. You can delete your files from our system anytime. In any case, these files are automatically deleted after 24 hours.
Chat with Form 1099-Q
Chat with "Form 1099-Q" on Chatize that is a free PDF reader assistant. Ask questions and get answers from "Form 1099-Q". Just click on Chat With Document button above.

Products

Docs

Websites

About