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

Forum|Forum|6 years ago
December 7, 2019
1 reply
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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).

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Best answer by itonewbie

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.

itonewbieAnswer

Level 15

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.

---------------------------------------------------------------------------------Still an AllStar

K

KFCPAAuthor

Level 3

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!

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