New (tax) year, new help!
Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.
You can enter this form information using the UltraTax CS Source Data Entry utility. Otherwise, use the table below to enter form information on the appropriate input screens.
Form field | Folder > Screen | Field |
---|---|---|
Payer's/Trustee's name | Educate > 1099Q | Payer's/Trustee's name |
Payer's/Trustee's address and telephone | Educate > 1099Q | Payer's/Trustee's address |
Payer's/Trustee's TIN | Educate > 1099Q | Payer's/Trustee's TIN |
Recipient’s TIN | Educate > 1099Q | Recipient’s TIN |
Recipient’s name and address | Educate > 1099Q | Recipient’s name and address |
Account number | Educate > 1099Q | Account number |
Box 1 - Gross distribution | Educate > 1099Q | Gross distribution |
Box 2 - Earnings | Educate > 1099Q | Earnings |
Box 3 - Basis | Educate > 1099Q | Basis |
Box 4 - Trustee-to-trustee | Educate > 1099Q | Box 4 Trustee-to-trustee |
Box 5 - Check one | Educate > 1099Q | Private, State, or Coverdell |
Box 6 - Check if the recipient is not the designated beneficiary | Educate > 1099Q | Box 6 Check if the recipient is not the designated beneficiary |
Notes
- UltraTax/1040 considers earnings included in distributions as taxable unless you make an entry in the Payments from QTPs/ESAs section in the Adjusted qualified education expenses field.
- According to Form 1099-Q instructions, if a final (total) distribution is made from an account and not all of the contributions were recovered, there may be a deductible loss. UltraTax/1040 automatically carries such losses to Schedule A, line 23.
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Internal only
Support: Per the second bullet in the Notes section - to carry a loss in UltraTax CS 2009 or earlier, access Screen A in the Itemized folder and enter the loss in the Other expenses: Subject to 2% Limitation statement dialog.
Support: Per the second bullet in the Notes section - to carry a loss in UltraTax CS 2009 or earlier, access Screen A in the Itemized folder and enter the loss in the Other expenses: Subject to 2% Limitation statement dialog.