Calculate Schedule O, Part I - Qualified 529 Plan Contribution deduction
Follow these steps to calculate the Schedule O, Part I - IRC Section 529 Qualified Tuition Program Contribution deduction.
- Select the Educate folder, then the 1099Q screen.
- Enter the following data:
- State postal code:PA
- Amount contributed in the current year
- State use code:24
note
The beneficiary information on Schedule O, Part 1, line 1, will default to whoever is indicated in the
T,S
field on the federal 1099Q screen. To indicate a beneficiary other than the taxpayer or spouse, select 2
or 4
in the Relationship to account
field and complete the Beneficiary’s SSN/first name/last name
fields on the federal 1099Q screen.For part-year and nonresident returns, use the PA529 screen in the Income & Adjustments folder to allocate an amount that applies only to the Pennsylvania return.
