in Education
2141734
Section VI, Line 17 -- TT automatically populates the first column with $10,000, AND I CAN'T GET RID OF IT. Since my 529 receipts exactly equal the qualifying expenses, I'm now being taxed for an "excess distribution" of $10K. PLEASE tell me how to fix this.
Two other problems with this worksheet:
1) The section under Part VI labeled "Qualified Elementary and Secondary Tuition Smart Worksheet" dissuaded me from entering any info on the subsequent lines for several hours -- because my info was for COLLEGE, not Elem & Secondary. PLEASE MAKE THE LAYOUT CLEARER.
2) Part VII - I have checked "Elect the Tuition and Fees Deduction" (the first line 4 [there are 2]), because when I check "elect credit or deduction which results in best tax outcome," my federal and state tax bill immediately increases by almost $1000.
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Allow me also to say that I've been a huge fan of TT since I began using it in 2000 - after my state notified me that the several years' worth of returns prepared by my hired "tax professional" (and yes, he was certified, experienced, etc.) resulted in our family owing the IRS five figures in back taxes and penalties. My wife and I are clergy, which puts us in a very strange category as far as the IRS is concerned, and while the 2000 version had a few problems with us clergy, from 2001 it has been a lifesaver.
However, I have already spent 12 hours trying to fill out the forms for 2020 - first using step-by-step, which is my custom, and then going to form fills out of frustration. I have encountered more instances of "What?? Why is this number here?? Why won't TT let me change it?? And why won't it tell me where it's coming from??" this year than all previous years combined.
I realize that the underlying problem is a Congress that refuses to engage in tax reform, instead continuing to blithely add dozens (hundreds?) of new variations to the tax code every year. Intuit certainly has its work cut out for it. Nevertheless, TT 2020 seems significantly more confusing and less user-friendly than in past years.
Just offering feedback from a long-time satisfied consumer.
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Justaservant
Level 1
in Education
drewboomer
New Member