1099-Q

[clay]

Client recieved a 1099-Q.

Lives in NYS.

Distributions of $7000. Only $300 of eligible college tuition (child is in high school and took one college course), balance used for private high school tuition.

Earnings were $2100, cost basis $4900.

I know the ineligible amount is reported on line 21 of 1040, and the IRS pub has a worksheet to determine taxable amount (essentially earnings less tuition).

Plus a 10% penalty. I had to enter all this manually.

Is there a worksheet in ATX to help with this calculation?

Anybody with NY experience of how it effects their state return? They had a dedcution on NY when they funded the account.

[kcjenkins]

I don't think so. As you said, the calculation is pretty simple.

[RitaB]

I had my first experience with a 1099-Q Saturday, and I could not find an input screen (like for 1099-R) either. I took a guess that it would go on 1040, line 21 and it did. I had more trouble seeing the line on 5329 for their penalty, and it was right in front of me. Go figure!

[Catherine]

I had my first experience with a 1099-Q Saturday, and I could not find an input screen (like for 1099-R) either. I took a guess that it would go on 1040, line 21 and it did. I had more trouble seeing the line on 5329 for their penalty, and it was right in front of me. Go figure!

Right in plain sight is _always_ the best place to hide. Used to hide the kids' Christmas presents right in the living room -- under the mending. They never, ever noticed.

I've found time and again that if I ask _where_ to find something, it then jumps _out_ of hiding at me. But not until I post the question!