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Distribution from a 529 Plan
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Dodgerfan
Level 3
07-08-2020
04:34 AM
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A client has a 529 plan that his mother set up. He is the beneficiary of the plan. He decided not to go to school and closed out the account and took a distribution of the total amount. How is this reported on Lacerte ? How is the distribution reported? My understanding is that the earnings are taxable and that there are Federal & State penalties. How does Lacerte generate those forms?
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George4Tacks
Level 15
07-08-2020
11:01 AM
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https://proconnect.intuit.com/community/individual/help/1099-q-section-529-withdrawal/00/3521
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