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For any tax year during which there was a distribution from your account, an IRS Form 1099Q will be issued

For any tax year during which there was a distribution from your account, an IRS Form 1099Q will be issued

  • Withdrawals due to the Beneficiary’s death (if paid to the Beneficiary’s estate) or disability (as defined in Section 72(m)(7) of the Internal Revenue Code);
  • Withdrawals due to a scholarship received by the Beneficiary (to the extent the withdrawal does not exceed the amount of the scholarship);
  • Withdrawals made on account of the Beneficiary’s attendance at a U.S. Military Academy (up to the costs of advanced education as defined by applicable federal law); and
  • Withdrawals resulting from the use of Education Tax Credits by the Beneficiary.

Can I request a refund of only a portion of my Tuition Units?

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The number of voluntary refunds for a Purchaser is limited to two in a 12-month period and must be in increments of 25 Tuition Units or 100% of the Purchaser’s Tuition Units, whichever is less.

Will I receive an IRS Form 1099?

All Tuition Unit Types Tuition UnitsTuition Units are the unit of measure used to purchase prepaid tuition. Generally, one unit represents one percent of the cost of tuition and required fees for 30 semester hours at the school that most closely matches the unit’s pricing structure. can be used at most four- or two-year public colleges and universities in Texas, excluding medical and dental institutions. While it is impossible to predict the exact number and type of units you will need for a particular school in the future, check out the Pricing Schedule and Redemption Guide for the number of units currently required at Texas public schools. At the back of the Pricing Schedule and Redemption Guide you will find information on the number of each type of Tuition Units Tuition UnitsTuition Units are the unit of measure used to purchase prepaid tuition. Generally, one unit represents one percent of the cost of tuition and required fees for 30 semester hours at the school that most closely matches the unit’s pricing structure. Continue reading For any tax year during which there was a distribution from your account, an IRS Form 1099Q will be issued