Dave T Posted February 3, 2014 Report Posted February 3, 2014 I have a new client coming this evening who has informed me that she took money from her 529 plan to help pay for son's college tuition. I happened to mention this to my co-worker who also uses ATX and he said he'd had that situaiton this weekend but didn't see where there is an input screen for the 1099-Q. Should there be one? I know this withdrawal can't be used in calculating Education Credits and also know I have to do a calculation to see if any of the withdrawal might be taxable but I just wondered if there is an input screen or not? Thanks Dave T Quote
gfizer Posted February 3, 2014 Report Posted February 3, 2014 I had one of these last year and there was no input screen for it at that time. I took a quick look on this year's software and don't see anything different for this year. Quote
Mr. Pencil Posted February 3, 2014 Report Posted February 3, 2014 didn't see where there is an input screen for the 1099-Q. On the back of the Form 1099-Q are the Instructions for Recipient. They explain that non-taxable distributions are not reported on the tax return. But that doesn't mean you can ignore it. The tax preparer must determine what expenses were paid with the money, and coordinate it with education credits. Details in Pub 970. Taxable distributions are reported on Line 21, and may have a penalty on Form 5329.. Quote
Jack from Ohio Posted February 4, 2014 Report Posted February 4, 2014 Jump to the input screen for line 21. It is there. Quote
Izzet Posted February 5, 2014 Report Posted February 5, 2014 Jump to the input screen for line 21. It is there. This. Mr. Pencil as well. Quote
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