I reviewed the five (5) requirements that you sent me that my client must satisfy for purposes of section 2202 of the Cares Act and the only one that is satisfied is the last one which reads 'You experience adverse financial consequences as a result of closing or reducing hours of a business that you own or operate due to SARS-CoV-2or COVID--19.'

The taxpayer believes he meets this requirement. He is self-employed and did receive unemployment compensation which he reported and received the special deduction on that. His self-employment income decreased significantly in 2020.

Remember the spouse is the recipient of the IRA Distribution with the Code 1 box checked since she is under age 591/2. She did not meet any of the qualifications.

Can they check the Coronavirus box on the Form 1099-R and get the 10% early withdrawal penalty eliminated?