Form 1099-Q
 |
Definition of 'Form 1099-Q'An IRS form that an individual who receives distributions from a Coverdell Education Savings Account (ESA) receives from his or her respective investment company. The form is used by the individual to fill out both federal and state tax returns. |
 |
Investopedia explains 'Form 1099-Q'Specifically, this form will identify the amount of gross distributions that have been made from the account over the year being reported. The gross distributions that have been made are then compared to the educational expenses that have been incurred over the year. If the gross distributions exceed qualified education expenses then the excess is taxable. However, if the expenses are greater than the distributions, the individual may use the subsequent excess as an additional tax credit. |
Related Definitions
Articles Of Interest
-
Investing In Your Child's Education
Overwhelmed by increasing tuition costs for your kids? The U.S. government can help. -
Don't Forget The Kids: Save For Their Education And Retirement
Retirement and education financing are the two most important planning items for taxpayers. -
Choosing The Right 529 Education Savings Plan
Before you fund one of these education-savings vehicles, be sure you know their differences. -
What is the best way to save for private school expenses? A 529 plan, a Coverdell ESA or a mutual fund?
If the goal is to put the money in the plan towards private school expenses, then the Coverdell Education Savings Account (ESA) appears to be the better choice, because the earnings are tax-deferred ... -
If I want to have some cash in a liquid account for unexpected emergencies, what is best? A savings account or another type?
It's always a good idea to keep some money set aside in a liquid form, but it's a double-edged sword, because the more liquid your money, the less it's earning. If you never have an emergency, ... -
7 Easy To Understand ETFs To Replace A Savings Account
If you have a savings account or certificate of deposit (CD), you’re probably not making much more than 1% each year from interest. -
3 Banking Moves You Should Make Before Traveling
Putting your finances in order should be one of your top priorities before traveling out of the country. -
Clearing Up Tax Confusion For College Savings Accounts
Put your kids through school without being hounded by the tax man. -
Besides a savings account, where is the safest place to keep my money?
Savings accounts are safe because investors' deposits are guaranteed by the Federal Deposit Insurance Corporation (FDIC) for bank accounts or the National Credit Union Administration (NCUA) for ... -
Changes To Your Checking Account
Checking accounts have evolved a lot over the years. Here are the five biggest changes that can affect your wallet.
Free Annual Reports
