How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Brian Michels Your Own Question
Brian Michels
Brian Michels,
Category: Tax
Satisfied Customers: 100
Experience:  Partner at Michels & Hanley CPAs, LLP
98625913
Type Your Tax Question Here...
Brian Michels is online now
A new question is answered every 9 seconds

1099-q? So - for 2015 I got a 1099-q with the 'corrected'

Customer Question

1099-q?
JA: The Expert will know what to do. Please tell me everything you can so the Expert can help you best.
Customer: So - for 2015 I got a 1099-q with the 'corrected' box checked: they never sent an erroneous one prior. It had Gross Distribution of $0.00 and blank earnings and basis box
JA: Is there anything else the Expert should be aware of?
Customer: same bank this year sends an 'uncorrected' 1099-q with a $1137 distribution, $0.00 earnings and blank basis
Submitted: 8 days ago.
Category: Tax
Customer: replied 8 days ago.
anyway: the way the IRS Pub says to calculate the answer is impossible to accomplish mathematically: divide by 0
Expert:  Brian Michels replied 8 days ago.

Hello. My name is ***** ***** I'll be the Expert assisting you today. I look forward to helping you with your issue. With regards ***** ***** 1099-Q for 2016 did you incur educational expenses in excess of $1,137 for yourself, spouse or dependent child? If so, then when completing the education credits you would reduce the higher education costs by the amount of proceeds received from the 1099-q to arrive at the total qualified higher education costs.

I hope I’ve provided the information you were seeking. If you are happy with my service, your 5-star rating at this time is most welcome. If you need more help, please let me know so l can continue to assist you.