- Form 1099-Q is used to report the total of all withdrawals made during the year from a Coverdell ESA or 529 plan12. The form is issued to the beneficiary student if the distribution was paid to the beneficiary, the school, or a student loan provider2. Any taxable amount of the distribution will be reported on the beneficiary’s income tax return2.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.
The 1099-Q reports the total of all withdrawals you make during the year; however, some of this amount may be taxable depending on how you spend the money. A Coverdell ESA and 529 plan operate in a similar fashion and provide the same type of tax savings.
turbotax.intuit.com/tax-tips/college-and-education/…Form 1099-Q will be issued to the beneficiary student, for example, if the 529 distribution was paid to the beneficiary, the school, or a student loan provider. Any taxable amount of the distribution will be reported on the beneficiary’s income tax return.
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