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S
Smitty
Level 4
February 20, 2025
Question

1099Q earnings taxable

  • February 20, 2025
  • 1 reply
  • 8 views

How to eliminate tax on earnings on 1099Q. Recipient is not the designated beneficiary.

 

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1 reply

F
Frustrated-in-IL
Level 8
February 20, 2025

You need to provide a lot more info than that.  The recipient can have taxable income, regardless who is the beneficiary.  How about some numbers?

    S
    SmittyAuthor
    Level 4
    February 20, 2025

    Gross Distribution:  $2500

    Earnings;    $1222.80

    Basis:    $1277.20

     

    As said, recipient of 1099Q is not beneficiary.

     

     

    F
    Frustrated-in-IL
    Level 8
    February 20, 2025

    What are the qualified expenses?  Is the person claiming the student taking an education tax credit?  Is it AOTC?  How much is the tuition?  How much are books?  Still need more numbers, if you want to do it correctly.

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