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Do not need to enter 1099Q in tax return?

Greta
Level 9

"IRS Publication 970, Tax Benefits for Education states: If the entire 1099-Q went to qualified expenses, room and board, tuition, etc then you do not need to enter the form." 

 

 

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IRonMaN
Level 15

That is correct


Slava Ukraini!

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2 Comments 2
IRonMaN
Level 15

That is correct


Slava Ukraini!
dascpa
Level 12

I will disagree (a first) with IronMan. Even though the Publicatyion says no - if the 1099Q shows distributions in excess of "Adjusted Qualified Education Expenses" the the a portion of the earnings of the 529 distribution may be taxable. Therefore I always enter the data so I have a filled out Part VIII of the Student Informaton Worksheet (which is duplicated on the 1099-Q Worksheet on Page 3.