Analyze Form 1099-Q data to compute AAQEE, taxable earnings, and 10% additional tax.
npx skills add https://github.com/jupid-tax/jupid-skills --skill form-1099-q
Please help me install this Agent Skill. Skill: form-1099-q Source: https://github.com/jupid-tax/jupid-skills/tree/main/forms/form-1099-q Command: npx skills add https://github.com/jupid-tax/jupid-skills --skill form-1099-q
This Skill provides expert guidance to interpret Form 1099-Q data for 529 and Coverdell distributions, determine taxability, AAQEE adjustments, and required outputs for Schedule 1, Schedule 2, and Form 5329.
Parse the user’s 1099-Q data to produce a ready-to-file worksheet and actionable guidance.
High-intent search queries and answers about installing and using this skill.
To determine 529 withdrawal taxability from Form 1099-Q, compare your total distributions in Box 1 to your Qualified Higher Education Expenses. If distributions exceed QHEE, the excess earnings are partially taxable.
Calculate AAQEE for 529 and Coverdell ESA distributions by adjusting your total Qualified Higher Education Expenses to account for tax-free educational assistance and expenses used to claim the AOTC or LLC education credits.
You need to file Schedule 1 and Form 5329 for a 1099-Q when your distribution includes taxable earnings, triggering the 10% additional tax unless a specific exception applies to your 529 or ESA withdrawal.
You can coordinate 529 distributions with AOTC and LLC education credits by allocating Qualified Higher Education Expenses. Expenses used to calculate the AOTC or LLC must be excluded from your 529 taxability calculation.
SECURE 2.0 529-to-Roth rollovers affect Form 1099-Q reporting by requiring specific tracking of the 15-year account age and beneficiary matching. The rollover amounts are reported but excluded from taxable earnings calculations.
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