Distribution codes. For 2015 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 2015 3 Excess contributions plus earnings taxable in 2014 4 Disability 5 Death 6 Prohibited transaction. Copy C For Payer Certain Information To complete Form 1099-Q use Returns and the 2015 Instructions for Form 1099-Q. To order...these instructions and additional forms go 1-800-829-3676. 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 state or province 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 2015 General Instructions for Certain Information Returns. 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 state or province 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 state or province 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 2015 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.
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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
To edit the IRS 1099-Q form, you will need to access a reliable PDF editor. You can upload your form to pdfFiller, where you can amend the content easily. After making changes, be sure to review the form carefully to ensure that all information is accurate before saving or submitting.
How to fill out IRS 1099-Q
Filling out the IRS 1099-Q requires careful attention to detail. Start by gathering the necessary information such as the recipient's name, Social Security number, and the total distributions for the tax year. Follow these steps for proper completion:
01
Enter the name and address of the recipient in the appropriate fields.
02
Input the recipient’s Social Security number.
03
Provide details regarding the gross distributions.
04
Indicate the portion designated for qualified education expenses, if applicable.
05
Sign and date the form before submitting it to IRS or providing a copy to the recipient.
About IRS 1099-Q 2015 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
Due date
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 2015 previous version
What is IRS 1099-Q?
IRS 1099-Q is a tax form used to report distributions from qualified tuition programs, including 529 plans and Coverdell Education Savings Accounts. This form is essential for individuals who utilize these savings plans to help cover educational expenses.
What is the purpose of this form?
The purpose of IRS 1099-Q is to inform both the recipient and the IRS of any distributions made from these education savings accounts. Proper reporting ensures that taxpayers fulfill their tax obligations and are aware of the tax implications associated with the funds withdrawn for educational purposes.
Who needs the form?
Individuals who receive distributions from 529 plans or Coverdell Education Savings Accounts will need to receive an IRS 1099-Q. Additionally, plan administrators must issue the form to report distributions made during the tax year, facilitating the correct filing of tax returns.
When am I exempt from filling out this form?
Exemptions from filling out IRS 1099-Q typically apply if no distributions were made to the taxpayer during the year or if the amounts distributed were not subject to taxation due to qualifying educational expenses. It is crucial to understand the regulations associated with tax-free distributions to avoid unnecessary filing.
Components of the form
The IRS 1099-Q comprises several key components, including the sender's information, recipient’s identification details, the total amount distributed, and the account number associated with the qualified plan. Each of these components must be accurately completed to avoid discrepancies during tax assessment.
Due date
The IRS 1099-Q must be issued to recipients by the end of January following the tax year in which the distributions occurred. For example, for distributions made in 2015, the form's due date to recipients was January 31, 2016. Filers should ensure compliance with these deadlines to avoid penalties.
What are the penalties for not issuing the form?
Not issuing IRS 1099-Q can result in penalties from the IRS. Fines can be imposed for each form that is not filed or is filed late. The penalties can increase depending on how late the forms are delivered and whether the failure to issue the form was intentional.
What information do you need when you file the form?
When filing IRS 1099-Q, the following information is essential:
01
The name, address, and Social Security number of the recipient.
02
The payer's information, including name, address, and taxpayer identification number.
03
The total distributions made in the tax year.
04
The portion of the distribution used for qualifying expenses.
Is the form accompanied by other forms?
IRS 1099-Q is generally issued independently, but it may be accompanied by other forms related to educational tax benefits, such as 1098-T (Tuition Statement). This helps ensure comprehensive tax reporting and aids the taxpayer in declaring eligible deductions or credits.
Where do I send the form?
The primary copy of IRS 1099-Q must be submitted to the IRS location designated for the payer's state of residence. Recipients should retain their copies for personal tax filing purposes. It is essential to verify the IRS directives based on the payer's location to ensure accurate submission.
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