Instructions for 1099-Q - Form 1099-Q
Overview: File for payments for qualified education programs (under section 529 & 530), if you
A - Are an officer or an employee, or the designee of an officer or employee, having control of a program established by a state or eligible education institution and
B - Made a distribution from a qualified tuition program. (QTP)
A trustee of a Coverdell savings account (ESA) must file form 1099-Q to report distributions made from Coverdell ESA's. etc....
There is quite a bit more information and instruction.
Download the 1099-Q instructions, they are two pages of a pdf file.
Download the 1099-Q Form. (not for filing)
The sections to fill out on the 1099-Q form are:
- Payer's/Trustee's - Name, address, city, state etc. and telephone number
- Payer's/Trustee's Federal Identification Number
- Recipients Identification number
- Recipients name, address, city , state, zip
- Account number (see instructions)
- If the fair market value (FMV) is shown below see Publication 970,
Tax benefits for education, for how to figure earnings..
- Gross distribution
- Trustee to trustee transfer
- Check one - Qualified tuition program - Private or State
- If this box is checked the recipient is not the designated beneficiary
You can avoid the paper problems and use