shannonlplm
Level 1
02-09-2021
07:23 PM
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I have a 1099-R that qualifies for the CARES Act exception to penalty and allows for tax to be paid over the three year period. However, I dont see the exception in the input nor an allocation for the tax to spread out over the three years.
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IRonMaN
Level 15
02-09-2021
07:29 PM
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You need a combination of form 5329 (code - other) and form 8915E. The bad news is, the 8915E isn't going to be ready until 2/25.
Slava Ukraini!
nbeck
Level 3
02-10-2021
08:31 AM
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On in the input screen for the 1099-R there is a section for form 8915. You need to enter the distribution amount that will be spread over 3 years in the box for "qualified disaster recovery distributions included in gross distribution" The 1099-R my client had was coded as an earlier distribution with exception so I did not have to address the penalty amount.
qbteachmt
Level 15
02-10-2021
11:26 AM
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