Do I include a 1099-Q issued to a dependent child on mom's 1040?

Forum|Forum|6 years ago
December 7, 2019
2 replies
26 views

Mom is my client and her 20 year old Dependent Daughter received a 1099-Q with DD's social security number. Do I include it on M's 1040? In Lacerte on screen 14 it only asks if it's for taxpayer or spouse, nothing for dependents so I am worried that IRS is not going to see the match up and end up sending DD a letter? How would you enter it? I have looked high and low and cannot find a definitive answer on who should report this.

Thank you!

Lacerte Tax

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Best answer by rbynaker

No, but maybe?

If the 1099-Q is taxable then it would probably go on the daughter's return (unless the form was prepared in error). If it's not taxable, I don't know Lacerte, but in ProSeries it would be part of the whole education credit casserole of which expenses get used for which tax benefit.

Rick

rbynakerAnswer

Level 13

No, but maybe?

If the 1099-Q is taxable then it would probably go on the daughter's return (unless the form was prepared in error). If it's not taxable, I don't know Lacerte, but in ProSeries it would be part of the whole education credit casserole of which expenses get used for which tax benefit.

Rick

sjrcpa

Level 15

"I am worried that IRS is not going to see the match up and end up sending DD a letter "

That happens anyway since there is no form to show here are the distributions and here is what I used for qualified expenses.

The more I know the more I don’t know.

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