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Brian Michels
Brian Michels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 160
Experience:  Partner at Michels & Hanley CPAs, LLP
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1099-q? So - for 2015 I got a 1099-q with the 'corrected'

Customer Question

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: 3 months ago.
Category: Tax
Customer: replied 3 months ago.
anyway: the way the IRS Pub says to calculate the answer is impossible to accomplish mathematically: divide by 0
Expert:  Brian Michels replied 3 months 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.

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