How to allocate 529 gifts to one year only on form 709 in ITO?

[KFCPA]

How to allocate 529 gifts to one year only on form 709 in ITO? Filing 709 due to cash gifts; 529 contribution was below $15K and don't want to allocate over 5 yrs. (ITO default appears to force allocation).

[itonewbie · Accepted solution]

No, the default in PTO is not to split.  To make the election, you'd need to check the box for "Transfers made to qualified tuition program" under General Information.

[KFCPA]

Hmm...I had never checked that box & used the same settings previously used in Lacerte, yet it's still allocating over 5 yrs.  My workaround was to mark as Generic gift type in drop down, yet list as "529 contribution" in memo.  Too bad we have to make this work-around!   Thank you for your help!

[itonewbie]

NP but are you not able to have it all reported in the same year without checking the box?

[KFCPA]

Correct, interesting that the drop down menu in Gift tab seems to control this, rather than checking the box.  IMHO, this is a programming defect. Thanks again!