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Form 1099-Q

Form name

Payments from Qualified Education Programs (Under Sections 529 and 530)

IRC Section

529(g) and 530(h)

Link to form

https://www.irs.gov/pub/irs-pdf/f1099q.pdf

Purpose of form

Payors that are officers or employees, or designees of an officer or employee, having control of a program established by a state or eligible educational institution and made a distribution from a qualified tuition program (QTP) must file Forms 1099-Q.

Information reported on form

  • The name, address, taxpayer identification number and phone number of the payor/trustee,
  • The name, address, and taxpayer identification number of each recipient,
  • Account number,
  • Gross distribution,
  • Earnings,
  • Basis,
  • Distribution from qualified tuition program private, or state, Coverdell ESA checkboxes,
  • Trustee to trustee transfer checkbox,
  • Checkbox if recipient is not the designated beneficiary,

 

Please see Form 1099-Q for all other information required to be reported.

Reporting threshold

All amounts.

Due date to recipient

January 31.

Due date to IRS (paper filing) 

February 28.

Due date to IRS (Electronic Filing)

March 31.