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Quickbooks error 12029 is most likely to occur when quickbooks fails to access the server which happens usually due to time-out requests. So, Quickbooks error 12029 which is network time-out error happens due to latency issues on the internet or when Quickbooks is blocked by the firewall settings. Quickbooks error 12029 is an error of series 12000.
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What are the reasons for Quickbooks error 12029?

External causes for Quickbooks error 12029:
Internet packets might have been dropped.
Unsupported internet browser.
SSL settings might be incorrect.
Network time out while payroll downloading requests.
Firewall or internet security might have blocked access to the Quickbooks.