E-File 2022
Form 1099-Q Online

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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Benefits of Filing Form 1099-Q with TaxBandits

Internal Audit Check

Internal Audit Check

TaxBandits audits the forms you create against the IRS Business Rules to promote accuracy. This eliminates a variety of common mistakes.

TIN Matching

TIN Matching

When you opt-in to TIN Matching services, TaxBandits checks all recipient TINs against the SSA database to identify errors before you file.

Deliver Recipient Copies

Deliver Recipient Copies

When you opt-in to postal mailing services, TaxBandits will take a review and prints, and mails all recipient copies on your
behalf.

Postal Mail or Online Access

Postal Mail or Online Access

With TaxBandits you can choose to distribute your recipient copies either through mail or provide the recipients access through our secure online portal.

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The Smart Choice of every 1099 Filers

Frequently Asked Questions on Form 1099-Q

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 Form 1099-Q 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).

When is the deadline to file Form 1099-Q?

There are a few different deadlines where Form 1099-Q is concerned. The deadline to distribute employee copies is January 31st. The deadline to file paper copies with the IRS is February 28th, and the deadline to file electronically with the IRS is March 31st.

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 penalties for filing Form 1099-Q 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.

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