What is IRS Form 1099-Q?

If you make a withdrawal from your account, you will receive IRS Form 1099-Q, which details all of the withdrawals you made throughout the tax year from your account. The recipient of the Form 1099-Q will be either the account owner or the beneficiary, depending upon the tax responsible party you elected during the redemption process.  Withdrawals sent to an eligible educational institution will be reported under the beneficiary's Social Security number (or taxpayer identification number), per IRS guidelines.

To ensure that you properly handle matters on your federal income tax return, please consult a tax advisor and learn more about Form 1099-Q from the IRS directly.