Three kids taking 529 distributions (8k, 8k, 1k) totaling 17k. All should qualify. I am getting limited to 10k. How to enter each individually so not to get capped?

Forum|Forum|6 years ago
December 7, 2019
7 replies
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Lacerte Tax

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Best answer by George4Tacks

Yes, K-12 deals in the $10,000 limit. I think the solution is an override and notes to self to handle the IRS letter that will come up later. https://accountants-community.intuit.com/articles/1606086-reporting-an-education-distribution-form-1...

George4TacksAnswer

Level 15

Yes, K-12 deals in the $10,000 limit. I think the solution is an override and notes to self to handle the IRS letter that will come up later. https://accountants-community.intuit.com/articles/1606086-reporting-an-education-distribution-form-1...

Answers are easy. Questions are hard!

George4Tacks

Level 15

Screen 14 - Notice under Distributions is a 1. A bit further down is Add and Delete. Click Add and enter the new 1099Q. Do that again until you have 1. 2. and 3. entries for the three distributions.

Answers are easy. Questions are hard!

R

rcalcuttaAuthor

Level 2

Thanks for the response. I had done that. But it is still giving me a $10k cap because there is no way I can see to tell it they are for three different beneficiaries. This either a shortcoming in Lacerte since this is the first year for this, or I am missing something. Thank you for your help.

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