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25 mar 2023 · If the distribution from your Coverdell ESA reported on Form 1099-Q was entirely used for Qualified Education Expenses, you don't need to enter it on your tax return (or on your parent's return). Just retain it for your records.
You only need to worry about Form 1099-Q if you have a: Coverdell Education Savings Account, and/or; Qualified Tuition Program account; These accounts are to pay for higher education. Form 1099-Q reports distributions from these accounts to the IRS. Coverdell ESA: the education IRA. Coverdell ESA is short for Coverdell Education Savings Account.
4 gru 2019 · A trustee of a Coverdell education savings account (ESA) must file Form 1099-Q to report distributions made from Coverdell ESAs. Do not file Form 1099-Q for a change in the name of the designated beneficiary on a QTP account if the new beneficiary is a member of the former beneficiary's family.
You should receive a Form 1099-Q, Payments from Qualified Education Programs (Under Sections 529 and 530) from each of the Coverdell ESAs from which you received a distribution. Form 1099-Q should be made available to you by January 31, 2024.