PA Coverdell ESA

Forum|Forum|6 years ago
February 18, 2020
2 replies
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Turbotax PA return process says we have a Coverdell education savings account but we do not. Why? How to disable?

JTB

TurboTax Home & Biz Windows

DavidS127

Here are a couple of things to do to solve your issue:

Review your entries in the Education section of Federal, and the PA state return questions to look for a Coverdell box that was inadvertently checked, and uncheck it.

If you can't find a box that has been checked wrong, try to find the offending PA form in your "Forms" mode (icon is in the blue bar at the top right). Once in Forms mode, all the forms in your tax return will be listed on the left, first the federal and then the PA.

Look for a "Coverdell" related form among the PA forms (may have a red ! next to if it is showing an error) and delete or correct that form. If there is no Coverdell specific forms, review the Info/Student/Education worksheets for a box where "Coverdell" was checked, and uncheck it.

Click the "Step by Step" icon now at the top right to get back to the interview questions.

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jtbusfieldAuthor

Employee

Thank you David. I cannot find any reference in the questions or forms to Coverdell - only in a comment as I walked through the PA return. I did find the two "sales" events for the share related to the comment in the step by step process. These are listed on Sch D of the PA return. Since I identified them as "non-taxable" they have an "x" in their respective status block. However there is a third transaction listed that IS valid, so I cannot delete the form.

At the end of the day, the net gain of the two transactions identified as Coverdell is only$82, so not a real substantial financial impact, but I cannot fathom where or why TT pulled this seemingly bogus information.

JTB

deb2020

I am having the same issue. I looked at the Federal forms as well as Pennsylvania (PA) and cannot find any field for Coversell. The gain on the sale is taxable in PA and is much more than the above situation of $82. I cannot delete the form either. Because the questions on the PA input do not provide an appropriate response, what do you suggest.

pierogisandwich

I'm in the same boat as previous commenters (now posting for the '23 tax filing season). I've attempted all the fixes listed above and none have resolved my issue. Turbotax is convinced 3 transactions in my Coinbase account, of all places, are relevant to an ESA account It seems odd considering I've filed for the past several years with the same Coinbase without this quirk. And I have zero interest in paying a whopping $135 so a live tax assistant can tell me I'm screwed.

I'm done after this. H&R block gets my money next year. Every year presents a new headache and I've stomached it solely because I've bought into this ecosystem in the past.