chenschuh
Level 3
yesterday
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I have a case:
1099 Q issued to mother's ssn#, FBO dependent's name. Box 6 checked.
In proseries 1099Q A , I marked dependent; B I marked mother
the extra distribution automatically added the taxable amount to the recipient to the mother's tax return.
Is there a way to transfer this income to the dependent?
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GodFather
Level 8
yesterday
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Within the 1099-Q ProSeries form there are questions that need to be answered:
- Who was the designated beneficiary
- Who was the recipient
show that the distribution was for and received by the dependent, even though it has the mother's SSN on it. As long as the proceeds were used to pay for the dependent's educational expenses you should be good.