Form 1099-Q data entry
To enter information from Form 1099-Q, Payments From Qualified Education Programs (Under Sections 529 and 530), you can either:
- Use Source Data Entry.
- Use the following table to find where to enter the information.
Form field | Folder > Screen | Field |
|---|---|---|
Payer's/Trustee's name | Educate > 1099Q | Payer's/Trustee's name |
Payer's/Trustee's address and telephone | Educate > 1099Q | Payer's/Trustee's address |
Payer's/Trustee's TIN | Educate > 1099Q | Payer's/Trustee's TIN |
Recipient’s TIN | Educate > 1099Q | Recipient’s TIN |
Recipient’s name and address | Educate > 1099Q | Recipient’s name and address |
Account number | Educate > 1099Q | Account number |
Box 1 - Gross distribution | Educate > 1099Q | Gross distribution |
Box 2 - Earnings | Educate > 1099Q | Earnings |
Box 3 - Basis | Educate > 1099Q | Basis |
Box 4 - Trustee-to-trustee | Educate > 1099Q | Box 4 Trustee-to-trustee |
Box 5 - Check one | Educate > 1099Q | Private, State, or Coverdell |
Box 6 - Check if the recipient is not the designated beneficiary | Educate > 1099Q | Box 6 Check if the recipient is not the designated beneficiary |
note
- UltraTax CS/1040 considers earnings included in distributions as taxable unless you make an entry in the Payments from QTPs/ESAs section in theAdjusted qualified education expensesfield.
- According to Form 1099-Q instructions, if a final (total) distribution is made from an account and not all of the contributions were recovered, there may be a deductible loss. The application automatically carries such losses to Schedule A, line 23.
