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Qualified State Tuition Program Earnings

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Question
Qualified State Tuition Program Earnings and Alaska Permanent Fund Dividends

Answer

Qualified State Tuition Program Earnings, and Alaska Permanent Fund Dividends ,

Qualified State Tuition Earnings 

File Form 1099-Q, Payments From Qualified Education Programs (under Sections 529 and 530) if you a) are an officer or 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) or if you are 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 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).

 

Family members of the designated beneficiary include the beneficiary's spouse. Also included are the beneficiary's children, stepchildren, foster children, and theri decendents; siblings and children; parents, their siblings, and ancestors; stepparents; in-laws; the spouse of any of the foregoing; and any first cousin of the designated beneficiary.  

 

Alaska Permanent Dividends

 

Include the dividends in the program as other income. 

 

To enter taxable amounts for Qualified Tuition Programs:

 

Instructions for Direct Input Software:

 

  • From the form tree on the left, locate input form for Qualified Tuition Program

 

 

Instructions for Interview Software

 

  • Click on the Income tab
  • Scroll down until you find the Other Types of Income section
  • Find Qualified State Tuition Program Earnings - Form 1099-Q and press Start

 

 

 

 


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Views: 960 Created on: Jun 15, 2013
Date updated: Aug 19, 2015

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