KFCPA
Level 3
12-07-2019
12:14 AM
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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
12-07-2019
12:14 AM
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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
Still an AllStar
KFCPA
Level 3
12-07-2019
12:14 AM
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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!
itonewbie
Level 15
12-07-2019
12:14 AM
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NP but are you not able to have it all reported in the same year without checking the box?
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Still an AllStar
Still an AllStar
KFCPA
Level 3
12-07-2019
12:14 AM
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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!
