Setting up Form 480.7B

Use the 480.7B tab to create the Educational Contribution Account form. You can enter this data at the end of the year in one lump, or throughout the year as payments are made.

1. From the Data Entry menu, click Contractors.
2. Select the company from the Company drop-down menu in the top-right corner of the screen.
3. Select the contractor from the list or perform a search if the list is too long.
4. Click the 7B tab.

5. Click the Add button on the toolbar, or click File > New Pay.
6. Enter the date of the payment in the Pay Date field. The year must be the same as the year shown in File > Setup defaults > System Setup. Otherwise, an alert message will appear.
7. Complete the fields with the account information. For instructions on how to complete this form, click here and search for this form.

8. On fields A through C enter the breakdown of amounts distributed.
9. Click the Beneficiary's Information checkbox if you will prepare the informative return for the beneficiary.
10. Enter the beneficiary's birthday on the Birthday field.
11. Click the Contributor's Information checkbox if you will prepare the informative return for the contributor.
12. Enter the social security number, name, and address of the contributor in the corresponding fields.
13. In the Relation field, enter the contributor's relationship with the beneficiary.
14. Select an option from the Report to area to preview and print a report.

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