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For clients who took CARES ACT IRA distributions in 2020, will ProSeries auto calculate the 1/3 of the IRA distribution that is taxable in 2021? I do not see that number or carryover being populated/calculated from 2020 to 2021.
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I could be wrong but I think we are going to have to enter that information our selves.
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Do you know how to properly enter this into ProSeries? Re-enter last years (2020) 1099-R and check the 2020 Coronavirus-related distribution box?
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Wait until the 8915 F is in the software. No one knows yet.
The more I know the more I don’t know.
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Form 8915-F was just finalized by the IRS but proseries is showing a ready date of 3/31/22 for EF.
We will just have to wait it out.
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Looks that way to me also.
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Hi Folks! This is driving me nuts! Has anyone actually called ProSeries to find out if we have to enter the 2nd payout amount? I would think we would put it on the other income line maybe? with an explanation? The problem is that everyone might have a different opinion as to where to put it and that could be a mess for the IRS.
My head is spinning because I truly thought the information would have come over automatically from 2020 and land in a form specially designed to accommodate this amount. I guess I am a dreamer.
Kind of a nightmare and holding everything up until two weeks before "the end"!!!
sandytax
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Form 8915-F, Qualified Disaster Retirement Plan Distributions and Retirement
Final on 03/24/2022, EF on 03/24/2022
