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The qualified (or non-taxable) amount is $909. ($2,000 x .4545 = $909) Example: Bob received $11,000 from his 529 plan with $2,000 in earnings. Qualified expenses were $5,000. The taxable amount is: $2,000 - $909 = $1,091. $1,091 is reported on Schedule 1, Line 8 (z)
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Oct 19, 2023 · For example, suppose your qualified education expenses are $10,000, you receive a $2,000 Pell grant and boxes 1 and 2 of your 1099-Q report a gross distribution of $8,000 and earnings of $1,000. Your adjusted expenses are $8,000—which means you don’t have to report any education program distributions on your tax return.
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Dec 4, 2019 · If you are required to file Form 1099-Q, you also must furnish a statement to the recipient. Furnish a copy of Form 1099-Q or an acceptable substitute statement to each recipient. Seepart M in the current General Instructions for Certain Information Returns. Truncating recipient’s TIN on payee statements.
Share: The full amount of earnings as reported on Form 1099-Q is taxable if: You’re the designated beneficiary. You didn’t use the funds for your own qualified education expenses. An early withdrawal penalty of 10% applies. The penalty is reported on Form 5329.
Form 1099-Q - Taxable to Recipient or Designated Beneficiary. 1. The recipient listed on Form 1099-Q Payments From Qualified Education Programs (Under Sections 529 and 530) should report the distribution on his or her tax return. If the recipient is a family member, the distribution has to be reported on that person’s tax return, not your return.
Help Center >. Form 1099-Q - Taxable Amount of Earnings. 1. Distributions from qualified education programs are reported on Form 1099-Q. The taxable amount of any distributed earnings is calculated automatically in TaxAct®. To enter Form 1099-Q data in your TaxAct return: From within your TaxAct return ( Online or Desktop) click Federal.
