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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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- Re: Distribution from a 529 Plan
Distribution from a 529 Plan
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Dodgerfan
Level 3
07-08-2020
04:34 AM
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A client has a 529 plan that his mother set up. He is the beneficiary of the plan. He decided not to go to school and closed out the account and took a distribution of the total amount. How is this reported on Lacerte ? How is the distribution reported? My understanding is that the earnings are taxable and that there are Federal & State penalties. How does Lacerte generate those forms?
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1 Comment 1
George4Tacks
Level 15
07-08-2020
11:01 AM
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https://proconnect.intuit.com/community/individual/help/1099-q-section-529-withdrawal/00/3521
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