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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Virginia 529 Plan Contributions -- WATCH OUT
Virginia 529 Plan Contributions -- WATCH OUT
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JOFI
Level 7
03-23-2022
05:16 PM
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When you are filling out 529 Plan contributions on the Virginia return, there is no error flag indicating you must designate whether the Taxpayer or Spouse owns the particular account. That is a software bug -- the deductions will not be picked up on the final returns unless you designate this.
I just caught this on a return for a new client -- this does not appear to be a problem with prior year returns where the Taxpayer/Spouse designation was already entered and carried over. My suspicion is that this was a flag on prior year returns, but not flagged in the TY 2021 software.
Can someone from Intuit take note and fix this bug?
Thanks.
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rbynaker
Level 13
03-23-2022
06:02 PM
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That's annoying. Didn't is used to default to taxpayer? Gotta love it when they fix something that wasn't broken...
