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5 lut 2022 · My 1099-Q form shows me, the parent/529 account owner, as the recipient (because I mistakenly had the distribution deposited into my bank account, instead of directly paying my child's private elementary school). I have documentation showing I paid my child's school.
“Coverdell ESA” box. Box 6. Designated Beneficiary Checkbox. Check the box if the recipient is not the designated beneficiary under a QTP or a Coverdell ESA (see section 529(e)(1)). Distribution Codes. For the current year, you may, but are not required to, include one of the following distribution codes in the blank box below boxes 5 and 6.
4 gru 2019 · Due to the very low volume of paper Forms 1099-Q received and processed by the IRS each year, this form has been converted to an online fillable format. You may fill out the form, found online at IRS.gov/Form1099Q, and send Copy B to the recipient.
11 sty 2014 · I was issued a form 1099-Q by Vanguard's 529 plan and box 6 ("Check if the recipient is not the designated beneficiary") was checked. This appears to cause tax liability on Form 5329 5, 7, and 8 (10% penalty on gains).
Form 1099-Q is provided if a distribution was taken from your 529 account during 2022. The form is issued whether or not you used the distribution to pay for qualified education expenses. Why was Form 1099-Q issued to me instead of the beneficiary/student?
23 paź 2024 · Box 6: If this box is checked, it means the distribution was made to a person other than the designated beneficiary, such as the account owner. For example, a parent who withdrew funds to spend for their child’s education. The key boxes to focus on are 1, 2, and 3.
1099 Q—What Do I Do? • Objectives • Recognize qualified higher educational expenses for §529 plans • Properly calculate the tax -free and taxable portions of distributions from a §529 plan • Properly report the distributions from a §529 plan • Identify ways for a client to utilize §529 funds
