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Colorado tax payer received a 2017 1099-Q for withdrawals
Colorado tax payer received a 2017 1099-Q for withdrawals from a 529 State Plan made to fund 2017-2018 private school tuition (K-12). Would the taxable amount be the earnings in box 2? Which would be … read more
Bryan M.
Bryan M.
Owner
Masters of Accountancy
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I RECEIVE A 1099-Q,. THE BREAKDOWN IS AS FOLLOWS: 1099-Q
I RECEIVE A 1099-Q, . THE BREAKDOWN IS AS FOLLOWS: … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,753 satisfied customers
My son is a college student, he does not work but he has a
my son is a college student, he does not work but he has a 529 college savings plan. I put all the information on my return but it said since he had made money on that, that he needed to put it on his… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,705 satisfied customers
I paid tuition on December 30 2017 for my daughter. I made a
I paid tuition on December 30 2017 for my daughter. I made a withdrawal from her 529 account on 1/3/18 to reimburse me for her tuition and all her books. I did not think about the withdrawal being in … read more
Carter McBride
Carter McBride
LLM
1,336 satisfied customers
My 22 year old son graduated from college in December. He
My 22 year old son graduated from college in December. He had two jobs in 2016. We are working on hi s1040 tax form, and we just noticed that he received a 1099-Q. I am not sure where this information… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Robin, one more question. I have a 1099-q boys 529 plan. my
Robin, one more question. I have a 1099-q for my boys 529 plan. my boys were living on their own this year and filed their own taxes so I can not claim them although we did pay for their school. we cl… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,633 satisfied customers
I withdrew 529 money to myself (the trustee) to pay
I withdrew 529 money to myself (the trustee) to pay for my student's college, not knowing how to do this. Now the IRS says that I had 'Other Income', now taxable, even though I paid my child's college… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Wendy, I am reading the conversation regarding 1099Q with Customer
Wendy, I am reading the conversation regarding 1099Q with Customer and I am still confused. My daughter, whom we had purchased the Texas Tomorrow Fund years ago is now receiving the payments for her T… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have a couple questions regarding 529 distributions for college
I have a couple questions regarding 529 distributions for college expenses. First question is does the 1099-Q and 1098-T information go on the beneficary return or the parents if they are still claimi… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
A taxpayer transfers the funds in his 2 sons 529 accounts
A taxpayer transfers the funds in his 2 sons '529' accounts from one financial institution to another, in which he opens 2 '529' accounts. He receives 2 '1099-Q's. The '1099-Q's show the Gross distrib… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Im helping my 20 year old full-time college student with his
I'm helping my 20 year old full-time college student with his taxes. He received a 1098-T for $3630.75, and a 1099-Q, who's payments are coming from his grandmother w/ Gross distribution of $4000.00, … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If my daughter is the owner and the beneficiary of a 529 account
If my daughter is the owner and the beneficiary of a 529 account but is still a dependent on my tax return can I claim monies distributed to her school?… read more
DanielleCPA
DanielleCPA
Certified Public Accountant
Bachelor's Degree
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When you withdraw money from a 529 plan for qualified education
When you withdraw money from a 529 plan for qualified education expenses, what type of 1099 are you supposed to receive and what code(s) are used? What if the withrawal was for nonqualified expenses?… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
Both my sons wanted to file a 1040EZ but received a 1099-Q
Both my sons wanted to file a 1040EZ but received a 1099-Q w/earnings of $200.00 both. Do they need to file a 1040 instead & if they don't will they be penalized. Since neither of them attended school… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I originally opened a 529 account with 3000.00 in 2002. I
I originally opened a 529 account with 3000.00 in 2002. I took it back out in 2003 leaving just the interest in it, about 300.00. I didn't know I should have paid a 10% penalty since I didn't use it f… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
Our three children (age 19-23) definitely qualify as ...
Our three children (age 19-23) definitely qualify as dependents, but earned each about $2K in part-time W-2 income. When my wife and I prepare our tax return, do we have to report our children''s W-2 … read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
I received a 1099 miscellaneous form from Nature ...
I received a 1099 miscellaneous form from Nature Sunshine Products that I buy vitamins from. Box number 7 reads Nonemployee Compensation $8.83 and Box 4 Federal Inc tax witheld $2.47. May I still do a… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
My son had a Putnam investment fund for college. My
My son had a Putnam investment fund for college. My wife was the trustee. My son guaduated in 2007 and my wife withdrew the money and gave it to him. We just got a 1099-Q form and my wife''s ss # XXXX… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
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