Discussion:QTP plans and how to figure tax relating to such plans
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Discussion Forum Index --> Tax Questions --> QTP plans and how to figure tax relating to such plans
Nikitaghia (talk|edits) said: | 21 March 2006 |
| I have a client who has three QTP's set up between himself and wife with their daughter being the beneficiary. My clients are the ones who received the 1099-Q's in their names. The way I understand it is if any of the earnings are taxable it is to be reported on the daughter's (the beneficiary) tax return not her parents. Also, some of the qualifed educational expenses were incurred in tax year 2004, but my clients didn't take the distribution until 2005. Do these expenses incurred in 2004 count towards figuring the taxable portion of the earnings reprt on the 1099-Q for 2005? | |
| 4 April 2006 | |
| The income from a QTP is included in the gross income of the recipient, not necessarily the designated beneficiary. | |
| 28 June 2006 | |
| I have the reverse. 1099-Q issued to client's 19 year old child/student (in child's SSN) who is claimed as dependent on parents' return. This year the child is filing a return for a small refund. Should this 1099-Q earnings (box 2) be included in child's return or parents or either? Parents still provide 100% support. | |
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