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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- how do you reduce Roth IRA distribution by education costs
how do you reduce Roth IRA distribution by education costs
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Jeannie1213
Level 1
09-14-2020
05:04 PM
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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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George4Tacks
Level 15
09-15-2020
06:29 PM
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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.
Answers are easy. Questions are hard!
