1040-US: Form 1099-Q data entry

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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.