Distribution codes. For 2013 the payer/trustee may but is not required to report in the box below boxes 5 and 6 one of the following codes to identify the distribution you received 1 Distributions including transfers 2 Excess contributions plus earnings taxable in 2013 3 Excess contributions plus earnings taxable in 2012 4 Disability 5 Death 6 Prohibited transaction. Note. Nontaxable distributions from CESAs and QTPs including rollovers are not required to be reported on your income tax return....See Pub. 970 for more Future developments. For the latest information about developments related to Form 1099-Q and its instructions such as legislation enacted after they were published go to www.irs.gov/form1099q. Attention This form is provided for informational purposes only. Copy A appears in red similar to the official IRS form* Do not file copy A downloaded from this website. The official printed version of this IRS form is scannable but the online version of it printed from this website...is not. A penalty may be imposed for filing forms that can t be scanned* See part O in the current General Instructions for Certain Information Returns for more information about penalties. To order official IRS forms call 1-800-TAX-FORM 1-800-829-3676 or Order Information Returns and Employer Returns Online and we ll mail you the scannable forms and other products. See IRS Publications 1141 1167 1179 and other IRS resources for information about printing these tax forms. VOID CORRECTED PAYER...S/TRUSTEE S name street address city or town province or state country ZIP or foreign postal code and telephone no. 1 Gross distribution 2 Earnings Form 1099-Q 3 Basis 4 Trustee-to-trustee transfer 5 Check one RECIPIENT S name Qualified tuition program Private Street address including apt* no* Coverdell ESA City or town province or state country and ZIP or foreign postal code Account number see instructions Cat* No* 32223J OMB No* 1545-1760 www*irs*gov/form1099q or State 6 Check if the...recipient is not the designated beneficiary Payments From Qualified Education Programs Under Sections 529 and 530 Copy A For Internal Revenue Service Center File with Form 1096. For Privacy Act and Paperwork Reduction Act Notice see the 2013 General Instructions for Certain Information Returns. Department of the Treasury - Internal Revenue Service Do Not Cut or Separate Forms on This Page Do Not Cut or Separate Forms on This Page CORRECTED if checked keep for your records 6 If this box is...checked the recipient is not the designated beneficiary If the fair market value FMV is shown below see Pub. 970 Tax Benefits for Education for how to figure earnings. Copy B For Recipient This is important tax information and is being furnished to the Service. If you are required to file a return a negligence penalty or other sanction may be imposed on you if this income is taxable and the IRS determines that it has not been reported* assigned to distinguish your account. Box 1. Shows the gross...distribution including in-kind distributions paid to you this year from a qualified tuition program QTP under section 529 or a amounts shown in box 2 and box 3.
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Instructions and Help about IRS 1099-Q
How to edit IRS 1099-Q
How to fill out IRS 1099-Q
Instructions and Help about IRS 1099-Q
How to edit IRS 1099-Q
Edit IRS 1099-Q forms by accessing a suitable online PDF editor. Use tools that allow you to fill in the required fields, such as recipient details and payment amounts. Always ensure you save your edited file securely before submission.
How to fill out IRS 1099-Q
Fill out IRS 1099-Q by gathering the necessary information first. This includes the payer's details, recipient's details, and specific information regarding distributions. Follow these steps:
01
Start with the payer's information, including name, address, and TIN.
02
Enter the recipient's details accurately, including name, address, and TIN.
03
Document the payment amount and specify if any were designated for certain expenses.
Make sure to review the completed form for accuracy and compliance before filing.
About IRS 1099-Q 2012 previous version
What is IRS 1099-Q?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 1099-Q 2012 previous version
What is IRS 1099-Q?
IRS 1099-Q is a tax form used to report distributions from qualified tuition programs, like 529 plans and Coverdell Education Savings Accounts. This form provides essential information to recipients regarding payments made for educational expenses, helping them report these amounts accurately on their tax returns.
What is the purpose of this form?
The purpose of IRS 1099-Q is to inform the IRS and the beneficiaries about distributions used for educational purposes. This form ensures that taxpayers do not pay taxes on these funds if used for qualified expenses, promoting the use of education savings accounts.
Who needs the form?
Payers of distributions from qualified tuition programs must issue IRS 1099-Q to recipients. This typically includes plan administrators or educational institutions responsible for managing 529 plans or Coverdell accounts.
When am I exempt from filling out this form?
You are exempt from filling out IRS 1099-Q if no distributions were made during the tax year. Additionally, if the educational expenses are covered by other means that do not require reporting, this form is not necessary.
Components of the form
IRS 1099-Q consists of several key components, including:
01
Payer information: Name, address, and TIN.
02
Recipient information: Name, address, and TIN.
03
Distribution amounts: Total distributions and the amounts that may be taxable.
What are the penalties for not issuing the form?
Payers who fail to issue IRS 1099-Q by the due date may face penalties imposed by the IRS. These penalties can vary based on how late the form is filed but can amount to hundreds of dollars per form. It is essential to file all forms accurately and on time to avoid these consequences.
What information do you need when you file the form?
To file IRS 1099-Q, you will need the following information:
01
The payer's name, address, and TIN.
02
The recipient's name, address, and TIN.
03
The distribution amount and details about how the funds were utilized.
Is the form accompanied by other forms?
IRS 1099-Q may need to be accompanied by IRS Form 1096, which is a summary form for all 1099 series forms submitted to the IRS. Make sure to check IRS guidelines for specific filing requirements based on your circumstance.
Where do I send the form?
Send IRS 1099-Q to the IRS at the address provided in the form instructions. Generally, payers may also be required to provide a copy to the recipient by January 31, in accordance with IRS guidelines.
FAQ about IRS 1099-Q
What should I do if I find an error after filing my 2012 1099 Q form?
If you discover an error after filing your 2012 1099 Q form, you can file a corrected form by using the amended process. Ensure that the corrected form shows the correct information and is marked as 'corrected.' Keep a copy for your records and notify any relevant parties if the error affects their tax situation.
How can I verify the status of my 2012 1099 Q form after submission?
To verify the status of your submitted 2012 1099 Q form, you can check the transmitting software or the service you used to e-file. Additionally, ensuring proper documentation is kept will help streamline your tracking process. Acknowledge common rejection codes if you encounter any issues during e-filing.
What are the privacy concerns related to submitting a 2012 1099 Q form?
When submitting a 2012 1099 Q form, privacy concerns include the secure handling of sensitive information such as Social Security numbers and financial details. Consider utilizing e-signature options compliant with regulations and ensure that your data storage is secure to protect against unauthorized access.
Can a business file a 2012 1099 Q form on behalf of an individual?
Yes, a business can file a 2012 1099 Q form on behalf of an individual, provided that proper authorization is obtained. This usually involves the individual granting permission, potentially through a Power of Attorney (POA) document, to ensure compliance and proper representation during the filing process.
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