2023 Tax Form 1099-Q - Distributions from a 529 College Savings Plan

Sep 19, 2026

Form 1099-Q reports distributions made from a 529 College Savings Plan during 2023. It itemizes the amounts for different distribution types and includes boxes for earnings (or loss) and the basis of shares sold. The guide highlights how distributions may be included in income except when used for qualified education expenses, certain transfers, or rollovers, and notes potential additional tax in specific scenarios. It also references IRS Publication 970 and advises consulting a tax professional for filing guidance.

LanguageEnglish

CategoryForms

FormatPDF

Pages3

Reading Time1 min

AccessFree to download

Distributions from a 529 College Savings Plan

What Form 1099-Q Reports

Guidance and References

Frequently Asked Questions (IRS Form 1099-Q)

Recipient and Identification

Excluded Events and Income Treatment

Qualified Education Expenses

Why Qualified Expenses Still Appear

Assistance and Tax Advice Limits

2023 Tax Form 1099-Q ~~ ~~ Distributions from a 529 College Savings Plan Form 1099-Q reports distributions made from your 529 College Savings Plan. If you received more than one type of distribution from a 529 College Savings Plan in 2023, you will receive a Form 1099-Q showing the amount for each distribution. Form 1099-Q also contains boxes for reporting the earnings (or loss) on the distribution, as well as the basis of the shares sold. We suggest that you review IRS Publication 970, Tax Benefits for Education for more information regarding qualified tuition programs. Please consult with your tax professional for additional guidance on reporting this information to the IRS. SAMPLE 2023 TAX FORM 1099-Q FREQUENTLY ASKED QUESTIONS – IRS FORM 1099-Q Q. What state sponsors the CollegeAccess 529 Plan A. CollegeAccess 529 Plan is a Section 529 college savings plan sponsored by the State of South Dakota. | Q. | In whose name and social security number will the 1099-Q be issued? | A. | If the distribution was made directly to the beneficiary or to the school on behalf of the beneficiary, the 1099-Q will be generated in the name of the beneficiary identified on the account. Otherwise, the account owner will be listed as the recipient of the distribution. | | --- | --- | --- | --- | | Q. | What type of events are excluded from having to report distributions as income? | A. | Generally, amounts distributed are included in income unless they are used to pay for qualified education expenses, transferred between trustees, or rolled over to another qualified education program within 60 days. However, this amount is included in income if there has been more than one transfer or rollover within any 12-month period with respect to the same beneficiary, or a change in the designated beneficiary where the new designated beneficiary is not a family member. It is important to note, an additional 10% tax may apply to all or part of the amount included in income. | | Q. | What are qualified education expenses? | A. | Qualified education expenses include tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible college, university, or other educational institution. For details, please review the IRS Publication 970, available at [www. IRS.gov](www. IRS.gov). | | Q. | If my distributions were used for qualified education expenses, why are they being reported on the Form 1099-Q? | A. | Distributions made for qualified education expenses are tax-free, however as the trustee or custodian of your account, we are required to report this information to the IRS. We must also provide the IRS with the principle and earnings breakdown on all reportable distributions. | | Q. | Does CollegeAccess529 have a tax professional or anyone who can help me fill out my return? | A. | Our telephone representatives will be happy to help you with any questions and information about your accounts by calling 1-866-529-7462. However, neither CollegeAccess 529, nor any of its representatives may give tax or legal advice. We suggest you consult a tax professional to determine how the information contained in this guide may apply to your specific tax situation. For more information, please refer to the Internal Revenue Service (IRS) Publication 970, available [at www. IRS.gov](at www. IRS.gov). |

FAQs

What state sponsors the CollegeAccess 529 Plan?

CollegeAccess 529 Plan is a Section 529 college savings plan sponsored by the State of South Dakota.

In whose name and social security number will the 1099-Q be issued?

If the distribution was made directly to the beneficiary or to the school on behalf of the beneficiary, the 1099-Q is generated in the beneficiary’s name. Otherwise, the account owner is listed as the recipient of the distribution.

What types of events are excluded from having to report distributions as income?

Generally, distributions are included in income unless used to pay qualified education expenses, transferred between trustees, or rolled over to another qualified education program within 60 days. If there is more than one transfer or rollover within any 12-month period for the same beneficiary, or if the designated beneficiary changes to someone not a family member, amounts can be included in income and an additional 10% tax may apply.

What are qualified education expenses?

Qualified education expenses include tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible college, university, or other educational institution, as detailed in IRS Publication 970.

Sep 19, 2026

Upload by Arica Lee