anita1
Level 3
02-11-2021
12:39 PM
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I have a client who took out $80,000 from retirement money early(under591/2) because of Covid19. There is no penalty on this withdrawal. He plans to pay it back on the third year. How do I code it in Proseries. The IRS also states he could be tax on it over 3 years. How is that done in the system?
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dkh
Level 15
02-11-2021
01:16 PM
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Form 8915-E which isn't available yet (or last I knew it wasn't).
hope this helps
anita1
Level 3
02-11-2021
01:31 PM
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Thank you
qbteachmt
Level 15
02-11-2021
03:14 PM
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He needs to be prepared to pay the tax, and then pay you to file amended for these years, once it is paid off in the final year.
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