Discussion:Taxable QTP distributions
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Discussion Forum Index --> Tax Questions --> Taxable QTP distributions
| 11 February 2007 | |
| I have read in Publication 970 that designated beneficiaries pay the tax on the calculated amount of the distribution. BUT is that true if the 1099-Q was issued in the father's social security number? | |
| 12 February 2007 | |
| Sounds like Dad was the designated beneficiary, in which case the entire amount would be taxable under the annuity rules (unless Dad has higher educational expenses). | |
| 12 February 2007 | |
| No, son is the DB and Dad is the receiver of the distribution because he set up the
QTP for his son and the distr did not go directly to the college this time. | |
| 12 February 2007 | |
| If used for son's tuition the son reports gain, if any, after computation in the worksheet in 970 of which you reference. | |
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