Form 1099-Q Coverdell-ESA
Putnam's Consolidated Form 1099-Q (Coverdell ESA) lists all payments from your Coverdell ESA accounts. Form 1099-Q (Coverdell ESA) also reports your account(s) Fair Market Value as of December 31, 2014. Form 1099-Q is reported to the IRS.
To view the tax filing information for a form section, click on the appropriate letter below.
To view the tax filing information for a form section, click on the appropriate letter below.
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Putnam Investor Services P.O. Box 8383 Boston, MA 02266-8383 1-800-225-1581 RECIPIENT'S name, address, and ZIP code JOANNE SAMPLE PO BOX 41203 PROVIDENCE RI 02940-1203 
 Corrected (if checked) 
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Name of Fund (Payer),
Fund Tax I.D. Number and Account Number |
1.
Gross Distribution |
2.
Earnings (Excess Contributions Only) |
4.
Trustee- To-Trustee Transfer |
5.
Program- Coverdell ESA |
6.
Checked if Recipient is not the Designated Beneficiary |
Fair Market Value
on 12/31/14. See Publication 970 (Tax Benefits for Education) |
|---|---|---|---|---|---|---|
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INVESTORS FUND-A
04-2713095 0001-012345678 |
.49 | .49 | X | COVERDELL | X | .00 |
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GROWTH & INCOME-A
04-6013678 0004-0123456789 |
9.44 | 9.37 | X | COVERDELL | X | .00 |
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MONEY MARKET-A
04-6386436 0008-0123456789 |
2.47 | .00 | X | COVERDELL | X | .00 |
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INTL EQUITY-A
04-6661045 0035-0123456789 |
13.78 | 13.78 | X | COVERDELL | X | 35.00 |
|
NEW OPPS
04-3091455 0036-0123456789 |
.96 | .00 | COVERDELL | X | .00 | |
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Frequently Asked Questions
- Why does the earnings column on Form 1099-Q only list earnings from excess contributions?
For Coverdell ESA contributions, other than earnings on excess contributions, Putnam is not required to report earnings. Instead Putnam reports the fair market value of your account as of December 31.
- How do I calculate the earnings portion of my gross distribution?
To figure your earnings use the Coverdell ESA - Taxable Withdrawals and Basis Worksheet in Publication 970.
- When must distributions from a Coverdell ESA be completed?
The remaining balance in the account will need to be distributed to the designated beneficiary within 30 days after his/her 30th birthday or it can be rolled over to another Coverdell ESA for the benefit of a family member of the designated beneficiary. There are certain exceptions for special-needs children. Refer to Publication 970 for additional information.
- Are distributions from a Coverdell ESA tax free?
Yes, as long as they are used to pay for qualified educational expenses, do not exceed those expenses, and are made in the same year the expense occurred.
- What is the difference between qualified and nonqualified distributions?
Qualified distributions are used for educational expenses such as tuition, room and board, etc. Nonqualified distributions are distributions that are not being used to cover educational expenses.
None of the information in this Web site should be considered legal or tax advice. You should consult your legal or tax advisor for information concerning your own specific tax situation. The forms and numbers shown in this Web site are for illustrative purposes only.