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1099-Q

Payments from Qualified Education Programs

About Form 1099-Q

FileForm 1099-Q, Payments From Qualified Education Programs (Under Sections 529 and 530), if you (a) are an officer or an employee, or the designee of an officer or employee, having control of a program established by a state or eligible educational institution; and (b) made a distribution from a qualified tuition program (QTP). A trustee of a Coverdell education savings account (ESA) must file Form 1099-Q to report distributions made from Coverdell ESAs.

Do not file Form 1099-Q for a change in the name of the designated beneficiary on a QTP account if the new beneficiary is a member of the former beneficiary's family. For a Coverdell ESA, the new beneficiary must be a member of the designated beneficiary's family and be under age 30 (except beneficiaries with special needs).

IRS Instructions for Form 1099-Q

1099-Q Forms

We've made it easy to file your 1099-Q forms. Simply create a Yearli Performance or Premier account, enter or import your data, review your data and checkout. It's that easy. Yearli will file your forms to the IRS, applicable state agency and send copies to your recipients.

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Who Files?

An officer or an employee, or the designee of an officer or employee, having control of a program established by a state or eligible educational institution.

What to Report?

Gross distributions from a QTP, whether in cash or in-kind, include amounts for tuition credits or certificates, payment vouchers, tuition waivers, or other similar items.

Why File?

In many instances IRS penalties for not filing correct information returns (Code Section 6721) or correct payee statements (Code Section 6722) may apply.

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