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Form 1099Q

EarlineLaBuy
Level 2

My client received a 1099Q, which is taxable as he did not use it for education. Lacerte program is not calculating it as taxable. Suggestions?

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2 Replies 2
TaxGuyBill
Level 15

I believe it is only taxable to the extent that the distribution is in excess of Basis.

With that being said, is the program still not doing it correctly?

 

If it is still not doing it correctly, hopefully a Lacerte user will come by and give some input (I use ProSeries, so I can't help you with the Lacerte-specific things).

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EarlineLaBuy
Level 2

It is still not working correctly and I can't get customer support to respond to my email from 7 days ago. They are supposed to respond in 2 days. Not!

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