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I have a client who qualifies for CARES Act relief from the additional 10% penalty from an IRA distribution, but can't find how to enter it in ProSeries - it seems that it would go through Form 5329, but I was expecting a CARES Act specific exception.
Can someone point me in the right direction? Are there any specific certifications that should be made in the tax return?
Best Answer Click here
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On the 1099-R worksheet just below the normal data entry area is the "Qualified Disaster Distribution Smart Worksheet". Checking the box in section A for "2020 Coronavirus-related Distribution both removes the 10% early withdrawal penalty and attributes one third of the distribution to each of the 2020-2022 tax years. In section B click the "Entire distribution is qualified" if appropriate or enter the desired value on the line below. Amount limited to $100,000.
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Look at this article:
https://proconnect.intuit.com/community/individual/help/proseries-form-1099-r-faq-s/00/4853
and:
That is for Form 8915-E.
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Thank you very much - I completely overlooked that section!
