1099-Q / Who should report it?

Forum|Forum|2 years ago
March 13, 2024
3 replies
20 views

TP claims his daughter. 1099-Q has the daughters SS# on it as the recipient. Who claims it on their taxes? The TP or the daughter?

ProSeries Professional

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dascpa

Level 11

The parent of the dependent child reports it. On the 1099-Q Worksheet note the recipient and the beneficiary names.

Just-Lisa-Now-

Intuit Community Champion

Look at the 1099Q worksheet, it lets you select who the recipient is and who the beneficiary is

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

rbynaker

Level 13

@yeknod wrote:

TP claims his daughter. 1099-Q has the daughters SS# on it as the recipient. Who claims it on their taxes? The TP or the daughter?

I'll take a step back and ask, what are you reporting? A 1099-Q is a distribution. If the distribution was used to pay Qualified Higher Education Expenses then there's nothing to report. If the distribution was not used to pay QHEE then all or a portion of the earnings may be taxable to the recipient (in your case the daughter).

Y

yeknodAuthor

Level 5

So, If I'm understand correctly, as long as the education expenses are more than the distributions, then there is no need to report the 1099-Q on the 1040?

sjrcpa

Level 15

@yeknod

There's no place to report it on the 1040 if it's not taxable even though there is input for it in the software. IRS has not developed a form. Hence, every year a couple of my clients get a notice about not reporting the distribution.

The more I know the more I don’t know.

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