sjrcpa
Level 15
05-16-2024
01:18 PM
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No form is generated since there is no form for 1099-Q Distributions.
Yes the IRS sort of "matches" these sometimes.
I fill out the worksheet in the software saying it was all used for qualifying expenses. Every year one or two clients get a notice saying you didn't report the distribution and here's what you owe.
We respond with proof of how it was spent. Keep the documentation on file for if and when this happens.
The more I know the more I don’t know.