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M
Maaxm
Level 1
August 6, 2020
Question

how can I use distributions from a 1099Q (no beneficiary specified) for 2 students. What forms do I use?

  • August 6, 2020
  • 1 reply
  • 12 views

I have 2 1099Q's without beneficiary.  One is large, one small.  Can I total distributions and apply equally t both students? How can I do that in Proseries

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1 reply

T
Terry53029Intuit Community Champion
Intuit Community Champion
August 6, 2020

You need to have beneficiary. This is from pub 970 "Designated beneficiary. The designated beneficiary is generally the student (or future student) for whom the QTPis intended to provide benefits. The designated beneficiary can be changed after participation in the QTP begins. If a state or local government or certain tax-exempt organizations purchase an interest in a QTP as part of a
scholarship program, the designated beneficiary is the person who receives the interest as a scholarship". Here is the link for pub 970: https://www.irs.gov/pub/irs-pdf/p970.pdf

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