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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Can I exclude the Additional Tax on distribution of Coverdell Savings account?
Can I exclude the Additional Tax on distribution of Coverdell Savings account?
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mattgutz
Level 3
03-16-2022
08:02 AM
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My client has a full scholarship (much of it taxable as scholarship income). He withdrew from his Coverdell $20k, and the earnings portion of $15k is taxable. However, he is getting dinged for an additional $1500 on the Form 5329. This doesn't seem right but I can not find an exclusion. Has anyone dealt with a similar issue and might be able to get me over the hump?
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