1099Q distribution taxed amount

[michele]

I have  a return 2 children with 1099q distributions for elementary education. This should be capped at

10,000 each I can't see where Lacerte is getting the figure that is taxed. 1 child had a distribution of

10498.00 I would figure the 498 should be taxed and lacerte is showing $133. The other child was less than the 10,000  The 2 children had a total of 19109. I was figuring all avenues as to how lacerte was doing this and don't see where $133 was arrived at. Anyone else have 1099-Q issues?

Thanks

Michele

[sjrcpa]

What was the basis in each account?

[11Buster]

Have you called Lacerte, although the wait times can be horrendous?

[Accountant-Man]

Re: $133 taxed is probably a ratio of the non taxable basis over the total $10,498 times the total interest(which we don't know) included in the $10,000 not taxed.

In other words, some of the interest(which we don't know) is probably included in the $10,000.