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1099Q distribution taxed amount

Level 4

I have  a return 2 children with 1099q distributions for elementary education. This should be capped at

10,000 each I can't see where Lacerte is getting the figure that is taxed. 1 child had a distribution of

10498.00 I would figure the 498 should be taxed and lacerte is showing $133. The other child was less than the 10,000  The 2 children had a total of 19109. I was figuring all avenues as to how lacerte was doing this and don't see where $133 was arrived at. Anyone else have 1099-Q issues?




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3 Replies 3
Level 15

What was the basis in each account?

Level 3

Have you called Lacerte, although the wait times can be horrendous?

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Level 11

Re: $133 taxed is probably a ratio of the non taxable basis over the total $10,498 times the total interest(which we don't know) included in the $10,000 not taxed.

In other words, some of the interest(which we don't know) is probably included in the $10,000.

** I'm still a champion... of the world! Even without The Lounge.
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