ncCPAp on the GO!

1099-Q Payments from Qaulified Education Programs

  • 1.  1099-Q Payments from Qaulified Education Programs

    Posted 03-25-2019 16:15
    ​A client took a distribution from NY College Savings Program on Dec. 27, 2018.  The tuition was paid Jan. 4, 2019. According to the instructions, the tuition must be paid in the same year as the distribution is taken.  I couldn't find an exception for tuition payments made within 30 or 60 days after the year-end.  Therefore, client would be taxed on earnings portion of distribution.  Am I correct?​​

    ------------------------------
    Ruth Sattig Betz
    RUTH A. SATTIG BETZ, CPA
    Farmingdale NY
    ------------------------------


  • 2.  RE: 1099-Q Payments from Qaulified Education Programs

    Posted 30 days ago
    Hi Ruth
    I just had the same issue, and believe it is taxable

    Gary Sanders CPA PC
    2415 Jerusalem Avenue- Suite 107
    North Bellmore, New York 11710
    Office E-Mail: Gsanders@srcpapllc.com
    Direct Tel: 516-900-1428
    Mobile: 516-459-0166