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I have a new client whose prior preparer elected to spread a 2020 IRA disbursement over 3 years. On the 2021 Form 1040, the deferred portion was reported on Part III, lines 23-26. I cannot figure out how to enter anything into this section of the Form 8915. There are references to worksheets, but no apparent links to them.
My questions:
1) Are lines 23-26 the proper place to report this income? If so, how do I enter the information?
2) Should the information be entered elsewhere? If so, where on the form?
Thanks for your assistance.
Michael Gilligan
Just-Lisa-Now-
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Complete the 8915E worksheet.
Check the Box B at the top for Conoravirus distribution
Scroll down and enter the 1/3 distribution amount on Lines 2 and 5, that should fill in Line 9 automatically.
That should also put the amounts over onto the 8915F in Lines 12, 13 and 15 and put the dollar amount on Line 4b or 5b (IRA or 401k)
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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"whose prior preparer elected to spread a 2020 IRA disbursement over 3 years."
By not electing to report it all in the first year, it is then spread over 3 years. 3 years is not the election. It's the assumption, unless you elect otherwise.
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