Payments From Qualified
Education Programs (Under Sections 529 and 530)
Extension without change of a currently approved collection
No
Regular
07/31/2024
Requested
Previously Approved
36 Months From Approved
07/31/2024
3,649,000
3,689,800
802,780
811,756
0
0
Form 1099–Q, Payments From Qualified
Education Programs (Under Sections 529 and 530), is used to report
distributions from private and state qualified tuition programs as
required under Internal Revenue Code sections 529 and 530. A Form
1099-Q is filed if you (a) are an officer or an employee, or the
designee of an officer or employee, having control of a program
established by a state or eligible educational institution; and (b)
made a distribution from a qualified tuition program (QTP). A
trustee of a Coverdell education savings account (ESA) must file
Form 1099-Q to report distributions made from Coverdell ESAs. To
lessen the burden for payers, Form 1099-Q was developed to report
distributions from private and state qualified tuition programs. A
copy of the Form 1099-Q must be furnished to the
recipient.
US Code:
26
USC 530 Name of Law: Coverdell education savings accounts
US Code: 26
USC 529 Name of Law: Qualified tuition programs
There were no changes made to
the forms that resulted in any change to the burden previously
reported to OMB. We are making this submission to renew the OMB
approval. IRS has updated the burden estimates to reflect current
filing data. This has reduced the number of respondents by -40,800
and the corresponding burden hours by -8,976 due to Agency
Estimate.
$36,159
No
No
No
No
No
No
No
Logan Warner 801
620-4355
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.