Level 15
03-24-2021
04:33 PM
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@RichardS77 wrote:
A distribution from a qualified retirement plan due to the coronavirus pandemic is exempt form the 10% early withdrawal penalty. Plus I thought the taxpayer could spread the tax effect over 5 years. What if the taxpayer wants to pay all the taxes in the current year on that distribution? How is that entered in ProSeries?
Thanks in advance for you help.
On the 1099R worksheet, scroll down to the disaster section and mark the Covid boxes, that will auto populate the 8915E.
If you want to pay tax on the entire amount on the 2020 return, rather than spread over 3 years (5 years is NOT an option), then you check the box on Line 5 of the 8915E.
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