what is a 1099 q form used for

what is a 1099 q form used for

OVERVIEW

You will obtain an IRS Type 1099-Q if somebody has contributed cash to a 529 plan or a Coverdell Schooling Financial savings Account (Coverdell ESA) and designates you because the beneficiary.

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Happy female student holding books at a college campus If somebody has contributed cash to a 529 plan or a Coverdell Schooling Financial savings Account (Coverdell ESA) and designates you because the beneficiary, you’ll obtain an IRS Type 1099-Q once you begin tapping into these funds. If you obtain the 1099-Q annually, it could be essential to incorporate among the quantities it stories in your tax return.