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- What form is generated when a client has educational expenses exceeding 1099 Q distributions and earnings
What form is generated when a client has educational expenses exceeding 1099 Q distributions and earnings
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PODW4444
Level 3
05-16-2024
12:41 PM
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a client received 1099 q indicating 190000 was received in 2023............
form 1098 t plus other educational expenses paid for 2023 totaled 165,000...
does the irs match 2023 1099 q with form 1098t for 2023...........?
in this case the excess withdrawal was used to pay and frontload 2024 first semester expenses .........
any problem .............?
in this case the taxpayer
in this case the taxpayer withdrew monies for 2023 which included 2024 first semester anticipated costs ............any problems here ?
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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.
TaxGuyBill
Level 15
05-17-2024
03:25 PM
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@PODW4444 wrote:
a client received 1099 q indicating 190000 was received in 2023............
form 1098 t plus other educational expenses paid for 2023 totaled 165,000...
I'm confused. Your question asks about when a client has educational expenses that exceed the 1099-Q, but your numbers state the opposite - the 1099-Q exceeds the educational expenses.
As a side note, are those real numbers? $165,000 of expenses? Holy cow.
