What Information is Required to File Form 1099-Q?
- 1. Payer Details: Name, TIN, and Address
- 2. Recipient Details: Name, TIN, and Address, Account number
- 3. Distribution Details: Gross Distribution, Earning, Basis, Distribution from: (Qualified Tuition Program, Coverdell ESA)
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Frequently Asked Questions
What is an IRS 1099-Q Form?
Form 1099-Q is used to report distributions made from Coverdell Education Savings Plans (ESA) and 529 plans. These are also referred to as qualified education programs. The beneficiary receiving distributions from these accounts must be given a copy of Form 1099-Q so that they can report any taxable amounts on their own personal income tax returns.
Who is required to File Form 1099-Q?
The trustee (payer) that manages the Coverdell Education Savings Account (ESA) or 529 plan, is required to complete 1099-Q Tax Form to report detailed information about the account distributions made during the year. They must also provide a copy of Form 1099-Q to the account beneficiary (recipient).
Want to know how to complete Form 1099-Q? Here are the step-by-step instructions for filing Form 1099-Q.
When is the deadline to file Form 1099-Q?
For the 2022 Tax Year, January 31, 2023 is the due date to distribute Recipient copies, February 28, 2023 is the due date to Paper file with the IRS and March 31, 2023 is the due date to file Form 1099-Q electronically.
If the deadline falls over a weekend or on a federal holiday, the deadline automatically becomes the next business day.
What are the penalties for not filing Form 1099-Q?
There are potential 1099-Q penalties for filing late. Much like other IRS Information Returns, the IRS could charge penalties ranging from $50-$280 per form. This will depend on how late the form is filed and if the Trustee (payer) neglects to file altogether.