Form 1099-Q is the form for payments from qualified
education programs. This form is sent to anyone with qualifying payments from
an educational program and must be reported to the Internal Revenue Service on
the recipient's individual income-tax return. The information reported on Form
1099Q is considered income, and you report it in the income section of
individual federal income-tax returns. Have a question? Get an answer from tax adviser now!
Instructions
1 - Obtain a federal income tax Form 1040 from the Internal
Revenue Service. Locate and print the form online or pick up a copy at your
local post office or tax office. The IRS mails income-tax forms to taxpayers at
the beginning of the year as well.
2 - Report the income from Form 1099-Q on your federal form
1040. Only report the amount in box two of your form 1099-Q. Enter it as
"Other Income" on line 21 of your Form 1040.
3 - Complete your federal income-tax return with the
remainder of your tax information for the tax year. Attach copy A of your
1099-Q to your Form 1040 before sending it to the Internal Revenue Service.
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