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- Calculating Sch 1, line 8z, "Qualified Tuition Program Earnings"
Calculating Sch 1, line 8z, "Qualified Tuition Program Earnings"
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steve11
Level 1
a week ago
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How does Lacerte calculate the amount reported on Form 1040, Schedule 1, line 8z described as “Qualified Tuition Program Earnings”? Based on the inputs I have made from Forms 1099-Q and 1098-T, I cannot determine the amount Lacerte has computed.
Situation:
A MFJ IRS Form 1040 with 2 University attending dependents. Forms 1099-Q and 1098-T received.
Father is named “Recipient” on Form 1099-Q and Lacerte Input screen 14.3, box “Recipient is not the designated beneficiary” is checked as his children are the “Dependent” Beneficiary students. Box 6 on Form 1099-Q is also checked for same.
The following codes are filled in on Screen 14.3 based on the Form 1099-Q:
12 . . . First Name
13 . . . Last Name
14 . . . SSN
Qualified Expenses
143 . . Used amounts provided from university office statements or should it be box1 of Form 1098-T?
Form 1099-Q
301 . . (1) Gross distribution
302 . . (2) Earnings
303 . . (3) Basis
304 . . (4) left blank
(5) a “2” code
- 851. . UT
The rest of screen 14.3 was left blank.
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