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What is the procedure for spreading out retirement account withdrawals over 3 years? How do I bypass the 10% early withdrawal penalty for coronavirus related withdrawals. Are IRA simple withdrawals not included in the 10% penalty waiver?
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What is an "IRA simple"?
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any update?
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You asked twice:
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I have the same question, but no answer..
My idea was to enter the gross distribution from Form 1099-R on Line 1 of the 1099-R worksheet and enter only one third of the gross distribution on the Line 2a (taxable amount).
However, when I tried my suggestion the total distribution and not the taxable distribution appear on the front of the 1040 line 4b (taxable amount).
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So we were told 2/18 and now 2/25...Is 2/25 a solid date now?
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"I have the same question, but no answer.."
Uh, yes, there is an answer, right above you. And your program shows the info, as well. And right now, it is scheduled for 2/25, and now it shows that it can be e-filed, which was not a feature two weeks ago in the planning.
Bookmark this and Use It:
https://proconnect.intuit.com/proseries/forms-finder/
"My idea was to enter the gross distribution"
Your client needs you to prepare their income tax return properly. Form 5329 is for waiving the penalty, if that applies. Form 8915-E is a T or an S, depending on whose account this was distributed from, and that is the form for reporting the taxable amount over that one year or over three years.
"So we were told 2/18 and now 2/25...Is 2/25 a solid date now?"
Instead of being "told" you should follow the info provided by Intuit. Use that bookmark.
Otherwise, you are asking Peer Users. No one here is giving out guarantees.
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