User's Manual - Drake Software

Household Employment Taxes
Drake Software User’s Manual
Figure 5-39: QTP/ESA Taxable Distributions section of screen 5329
The program uses information entered in these fields to calculate the taxable portion
of distributions and to generate the calculated amounts on the return. Table 5-9 shows
which fields are required in order to ensure correct calculations.
Table 5-9: Required Information for Accurate Calculation of Distribution Income
To Calculate Income from an ESA
Distribution
To Calculate Income from a QTP
Distribution
Adjusted qualified education expenses - 2012 Adjusted qualified education expenses - 2012
Gross distribution from Coverdell ESA
Basis in Coverdell ESA as of 12/31/2011
Education account type
Gross distribution from QTP
Portion of QTP distribution that is earnings
Education account type
2012 contributions for this ESA
Value of Coverdell ESA on last day of 2012
(entered at top of screen 5329)
Along with the automatic calculation, the program produces the worksheet
QTP_ESA, which shows how the taxable amount was calculated.
NOTE
The penalty is calculated and includes any amount that is income from
a Coverdell ESA or QTP.
Household Employment Taxes
Screen code: H
Use screen H, under the Taxes tab, for Schedule H, Household Employment Taxes.
148 Tax Year 2012