Where to enter 529 Plan distributions in 2019 used to pay student loans

Forum|Forum|6 years ago
February 14, 2020
8 replies
46 views

Does anyone know where to enter student loan amounts paid using distributions from 529 plans? Starting in 2019 this is now allowed up to certain limitations. There is a checkbox on the Student Information Worksheet asking if any distributions were used for loan payments, but I have been unable to determine where to enter the amount of the distribution used to pay loans so the distribution is excluded from taxable income.

ProSeries Professional

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

I think its Line 2 not 20

RollTide68

Level 7

I have not had someone do it yet but look at the Student Information Worksheet Part I Line 4a

Let us know if that is the correct box to check

M

MikeB_CPAAuthor

Level 5

Thanks, but that checkbox does not seem to do anything to trigger an entry point for an amount. After Box 4a on the Student Information Worksheet is checked, there does not appear to be a line in Section VI of that worksheet (or anywhere else that I can find) to enter student loan payments to offset the 529 plan distribution.

Just-Lisa-Now-

Intuit Community Champion

Wouldn't you just enter it in Part VIII of the student info worksheet to make it non taxable?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

Terry53029

Intuit Community Champion

On the student info worksheet, part l, line 4a check yes, then go to part Vlll, line 20 put in the amount of the distribution from 1099Q that was used for student loans

Just-Lisa-Now-

Answer

Intuit Community Champion

I think its Line 2 not 20

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

M

MikeB_CPAAuthor

Level 5

Thanks for the assistance. I appreciate the help.

Sign up

Login with SSO

Let's get you signed in

Login with SSO