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What Is Form 1099 Q?

Total Contributions

You can open as many Coverdell ESAs as you like for one person, but you cannot contribute more than $2,000 total to them. However, neither contributions nor tax withholding are reported on your 1099-Q.


Distributions are reported on the 1099-Q. They are trustee-trustee transfers, which are asset transfers to another institution; and transfers-in-kind, which are asset transfers within the same institution as your Coverdell ESA.

Box 5

Box 5 on your 1099-Q contains a number reflecting the FMV, or "fair market value," of your Coverdell ESA as of December 31of the year for which the form is issued. It will also give one or more distribution codes, if applicable: (1) distributions, including transfers; (2) excess contributions plus earnings taxable in current year; (3) disability; or (4) death.

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