Accounts & Services

Form 1099-Q FAQs

Q: Why did I receive IRS Form 1099-Q?
A: You received Form 1099-Q if any distribution or transfer activity occurred in your Coverdell ESA account for 2015.
Q: I noticed the earnings and basis boxes have been left blank. Why?
A: Coverdell ESA custodians generally do not have the required information to calculate these amounts. Instead, as per IRS guidance, we are providing you with the fair market value of the Coverdell ESA as of 12/31/15. Please review IRS Publication 970 for more information.