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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?

 


ex-AllStar
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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?

 


ex-AllStar
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