![]() Additional Informationįor additional information, refer to Publication 970, Tax Benefits for Education.(Added Pub. Form 1099-Q should be made available to you by January 31, 2023. The amount of your gross distribution (box 1) shown on each form will be divided between your earnings (box 2) and your basis or return of investment (box 3). You should receive a Form 1099-Q, Payments from Qualified Education Programs (Under Sections 529 and 530) from each of the programs from which you received a QTP distribution. Interest paid with these funds doesn't qualify for the student loan interest deduction. The amount of distributions for loan repayments of any individual is limited to $10,000 lifetime.
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