- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
My client had a 401K withdrawal due to Covid-19. The 1099R was coded with a 1. Since there should be no penalty on this withdrawal how do enter I this in ProSeries? Also, if the withdrawal is over the $100k is the amount over the $100k still subject to the 10% penalty?
Best Answer Click here
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
They were already issued a 1099R for 2020?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If you're entering this into ProSeries now for a 2019 tax return then how is it possible the 401k withdrawal was due to covid-19?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
No can do sir/madam. The 2020 tax year is still in progress...please try again in January 2021 when the IRS Form 1099-Rs are issued.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes. That was a stupid question! Thanks
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
No - never a stupid question. I'm sorry I made you feel that way. Was just trying to help your thought process.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Its January 2021 already, when would Intuit (Turbo Tax) address the this? Taxact has it but Turbo tax is more user friendly for me.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hello,
This says solved, but I do not see any solution.
I also have a client who received a 1099-R code 1 for an IRA distribution due to a COVID-19 layoff.
I do not see where/how to apply the Cares Act rules in Lacerte.
Does anyone have a solution?
~kj
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
ProSeries shows it wont be ready until 2/18, not sure about Lacerte.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you Lisa!
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You seem to be lost on the internet.
You’ve come to a Peer User community for Intuit Tax Preparation products supporting tax preparation professionals using ProSeries, ProConnect and Lacerte, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.
Thanks.
Don't yell at us; we're volunteers
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thanks so much!
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you for that response.