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April 16, 2022
Question

Need to enter more than 10 1099-Qs

  • April 16, 2022
  • 1 reply
  • 0 views

Deductions & Credits, Education, ESA and qualified tuition programs (Form 1099-Q).

How do I enter more than 10 1099-Qs?

    1 reply

    April 17, 2022

    Forms 1099-Q do not need to be entered as long as the total of the 1099-Qs was not more than the total tuition, room and board, books, and other materials required by your college or university.     If the total of the 1099-Qs is in excess of the total tuition, room and board, books, and other materials required, then the excess has to be reported as income.  

     

    Since you have so many 1099-Qs, then I would add all of the 1099-Qs up and compare this amount to the total of your tuition, room and board, books, and other materials.  Is the total of the 1099-Qs more or less than the total of the tuition, etc.?   If less, then you do not have to do anything except keep the information with your tax papers.    If the amount is more than the tuition, etc., then you will have to report the difference as Other Income on Line 8z of  Schedule 1.   Instead of entering each 1099-Q in this case, I would enter the excess as Other Income.   To do this go to the Income and Expense screen of the Federal return > scroll down to Other Income > scroll down to Miscellaneous Income > scroll down to Other Reportable Income > click on Start > in the description box enter "Excess 1099-Q distribution" and enter the amount in the box.   

     

    Make sure you keep all of your documents and calculation with your tax papers.  

     

    mdrdenverAuthor
    April 17, 2022

    Thanks

    KrisD15
    April 17, 2022

    Be aware that if income needs to be reported from a 1099-Q distribution,

    the amount to claim is based on the Earnings Portion and calculated on a ratio of basis to earnings. 

     

    It may not be as easy as reporting the excess on Schedule 1. 

     

    Also be aware that the income could be subject to a penalty tax if not used for education purposes and no exclusion to the penalty tax applies. 

     

    @mdrdenver

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