401 K 10% PENALTY

[PTC]

1.  Where can I find information on who qualify for the 10 % waiver and what form is it calculated on.  

2.  What form will i used to spread the payment out over 3 years

[qbteachmt]

The IRS knows:

https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-...

[JETT]

This does not help in answering where in the Pro Series software do you input the information in order to:

#1 Not pay the 10% penalty

#2 Spread the income and therefore the tax over 3 years.

It is a software question.

I have the same software question.

[qbteachmt]

"This does not help in answering where in the Pro Series software"

This is posted in a COVID forum; not in a topic for any specific program being used.

"I have the same software question."

I found this for you; it's in the ProSeries forum:

https://proconnect.intuit.com/community/retirement-tax-credits-and-deductions/help/generating-form-8...

The 10% penalty is waived at the bottom of where you enter the 1099-R. Then, follow what else applies.

[Terry53029]

Form 8915-E, but its not ready yet

[mn11]

is the form not ready from IRS or is it not ready from Intuit? 

[qbteachmt]

"It is a software question.

I have the same software question."

The original question isn't worded as a software question. To know the qualifications and which forms to use, you can use the IRS resources.

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@JETT wrote:

"This does not help in answering where in the Pro Series software do you input the information in order to:"

And that's a different issue.

"#1 Not pay the 10% penalty" Form 5329 per the IRS

"#2 Spread the income and therefore the tax over 3 years." Form 8915-E per the IRS

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Did you look at the Form Availability? You can Bookmark this link. You should use it frequently, because the release dates have changed.

"is the form not ready from IRS or is it not ready from Intuit?"

https://proconnect.intuit.com/proseries/forms-finder/

Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments (Taxpayer)	Final on 02/25/2021, EF on 02/25/2021
Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments (Spouse)	Final on 02/25/2021, EF on 02/25/2021

[EJK1]

Is anyone having a problem with the New York State return after generating the 8915-E in the Federal.  The figures won’t flow over and an error is being generated.  

Thank you

[qbteachmt]

@EJK1 

Try this:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/form-8915-e-new-york-st...

[JETT]

It looks like they are spreading the income over 3 years but not the tax that was withheld.

[qbteachmt]

"It looks like they are spreading the income over 3 years but not the tax that was withheld."

Of course not. Tax withholdings are no different, whether from 1099 or W2, or even paid in Estimates. They are just amounts to be applied to what you owe for the year they were paid in for. Once you see if there is more paid in and a refund is due, you can decide not to get the refund, but to "let it ride" and apply to the next tax year.

You never pay in money and then expect to spread it over multiple years. For one thing, why would you leave it with the IRS? They should not have any of your money you didn't need to give them, any earlier than you need to give it, really.