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How to allocate 529 gifts to one year only on form 709 in ITO?

KFCPA
Level 2

How to allocate 529 gifts to one year only on form 709 in ITO? Filing 709 due to cash gifts; 529 contribution was below $15K and don't want to allocate over 5 yrs. (ITO default appears to force allocation).

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itonewbie
Level 15

No, the default in PTO is not to split.  To make the election, you'd need to check the box for "Transfers made to qualified tuition program" under General Information.

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4 Comments 4
itonewbie
Level 15

No, the default in PTO is not to split.  To make the election, you'd need to check the box for "Transfers made to qualified tuition program" under General Information.

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Still an AllStar
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KFCPA
Level 2
Hmm...I had never checked that box & used the same settings previously used in Lacerte, yet it's still allocating over 5 yrs.  My workaround was to mark as Generic gift type in drop down, yet list as "529 contribution" in memo.  Too bad we have to make this work-around!   Thank you for your help!
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itonewbie
Level 15
NP but are you not able to have it all reported in the same year without checking the box?
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KFCPA
Level 2
Correct, interesting that the drop down menu in Gift tab seems to control this, rather than checking the box.  IMHO, this is a programming defect. Thanks again!
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