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1099-Q not calculating correctly in Lacerte.

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Level 1

1099-Q information not showing up correctly on the return.

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3 Replies 3
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Level 15

How do you think it should show up?

Did your input lead you to thinking some of it should be taxable?

 

Income tax returns are the most imaginative fiction being written today. — Herman Wouk
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Level 1

Thanks for your reply.

The earnings should show on the return as other income and the 10% penalty should also show up on Form 5329.  I could make it work one way, by entering the earnings as the total distribution and entering a code 3 for a Coverdell, which it wasn't.  After talking to a lacerte rep, I gave up and manually listed it as other income and entered it manually in the 5329.

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Level 15

Screen 14 > Education Distributions (1099-Q) > (1) Gross... (2) Earnings  (3) Basis and (5) either 1 or 2 yields (3) showing as income (Schedule 1 line 8 as QUALIFIED TUITION PROGRAM EARNINGS and on 5329 for the 10% 

If that did not work for you, what were your numbers?

 

Income tax returns are the most imaginative fiction being written today. — Herman Wouk
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