ayalastaxes
Level 3
02-19-2021
06:07 PM
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I have a client that is trying to see if he qualifies to wave the early distribution penalty, but has a distribution code 1 in box 7.
Labels
Level 15
02-19-2021
07:16 PM
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Covid distributions get reported on Form 8915-E which wont be available until next week.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
ayalastaxes
Level 3
02-20-2021
03:08 AM
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Hi Lisa, Thanks for the response. So no other/extra code is needed, just enter it in the area correspondent to that 8915-E.
itonewbie
Level 15
02-20-2021
09:31 AM
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@ayalastaxes You may refer to this article for detailed instructions:
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Still an AllStar
Still an AllStar
qbteachmt
Level 15
02-20-2021
10:44 AM
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"So no other/extra code is needed"
Form 5329, 8915-E, and the list of reasons is at the IRS:
Since the reason for withdrawal is a "self-certified" process, not all distributions are already identified as Qualified. It's being left up to the tax payer to confirm it is a qualified distribution.
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