Form 1099-Q, Payments from Qualified Education Programs (Under Sections 529 and 530)
What is Form 1099-Q?
You may receive Form 1099-Q if you:
- Received a distribution from a Coverdell education savings account (ESA).
- Received tuition benefits or a refund from a qualified tuition program (QTP).
- Changed programs or program trustees.
- Are the designated beneficiary of an estate.
Usually, these distributions are not taxable to you if you transferred the funds to another program, another family member, or used the funds to pay for your education.
Entering Form 1099-Q into TurboTax
Don't worry! When you use TurboTax, we wll ask you the right questions to make sure any distribution from an education savings account gets correctly reported. We then will enter it on the right form and perform all the calculations for you.
If you've already gone through the step-by-step interview and want to jump directly to the entry screen for this topic, follow these directions.
- Select the Federal Taxes tab (the Personal tab in the Home & Business edition).
- Select the Wages & Income subtab.
- Scroll down the Wages & Income screen until you see the Less Common Income group.
- Click on the Start/Update button to the right of the Miscellaneous Income, 1099-A, 1099-C category.
- On the Miscellaneous Income screen, click on the Start/Update button next to Coverdale ESA and qualified tuition programs (Form 1099-Q)
- Follow the prompts.
What if I received two or more 1099-Qs?
After you have entered in your first 1099-Q, you will have the option to add additional forms. Simply click on the Add a 1099-Q button, and we'll walk you through the process.
If you have yet to receive your 1099-Q, please click here to explore your options.
If you need to correct or change any information you have entered from your 1099-Q, the steps you take depends on if you have already filed your tax return.
- If you have yet to file your return, simply follow the navigation instructions above, and correct or change your information.
- If you have already filed your return, you will need to amend your return. Please click here for instructions.
For questions about printing, please click here.
If you have questions about the availability of form 1099-Q, please click here.