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Client rec'd 1099R for a Large Pension - Annuity distribution. Under the age of 59 1/2
Can this distribution be spread over a 3 year period or any amount of time for that matter
There was never any contribution towards this by the client
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Does it qualify as a COVID related distribution?
The more I know the more I don’t know.
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Did you read the Form 8915-E instructions?
https://www.irs.gov/pub/irs-prior/i8915e--2020.pdf
There are Limits, date ranges, etc. Including:
"Eligible retirement plan. An eligible retirement plan can be any of the following.•A qualified pension, profit-sharing, or stock bonus plan (including a 401(k) plan).•A qualified annuity plan.•A tax-sheltered annuity contract.•A governmental section 457 deferred compensation plan.•A traditional, SEP, SIMPLE, or Roth IRA."
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Thank you
I was looking for wrong form and couldn't find what I was looking for
Thank you for directing me
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Do you know If there is a similar Tax relief Form for the State of New Jersey filing?
In Pro Series, The reduced amount doesn't flow to the State Return
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You are asking about State Conformity to CARES Act. You have to research it, as it is a moving target. Here:
https://www.state.nj.us/treasury/taxation/covid19.shtml
Isn't your legislature in session now?
ProSeries hasn't been updated for States, yet, either. That doesn't mean NJ will change.
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Thank you
