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how do you reduce Roth IRA distribution by education costs

Level 1

The client took a distribution from her Roth IRA prior to age 59.5.  Part of the distribution was used to pay education costs.  How do I reduce the portion of the distribution that is subject to early withdrawal penalty by the exception of the education costs?

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1 Comment 1
Level 15

A neat trick to learn in Lacerte is find what you want in the forms view. In this case look at the 5329 Part I line 2  and RIGHT CLICK on that line (or sometimes a box) and select "Jump to Input" . 

That should get you to the 1099R input for 5329. Enter the Amount and then next line select from the drop down choices.

Here's wishing you many Happy Returns