Welcome back! Ask questions, get answers, and join our large community of tax professionals.
Showing results for 
Search instead for 
Did you mean: 

How do you input the Covid exception to the early withdrawal of retirement funds? And how do you apply the tax due to the three year period?

Level 1
I have a 1099-R that qualifies for the CARES Act exception to penalty and allows for tax to be paid over the three year period.  However, I dont see the exception in the input nor an allocation for the tax to spread out over the three years.

This discussion has been locked. No new contributions can be made. You may start a new discussion here

3 Comments 3
Level 15

You need a combination of form 5329 (code - other) and form 8915E.  The bad news is, the 8915E isn't going to be ready until 2/25.

Slava Ukraini!
Level 3

On in the input screen for the 1099-R there is a section for form 8915.  You need to enter the distribution amount that will be spread over 3 years in the box for "qualified disaster recovery distributions included in gross distribution"  The 1099-R my client had was coded as an earlier distribution with exception so I did not have to address the penalty amount.  

0 Cheers
Level 15



"Level Up" is a gaming function, not a real life function.
0 Cheers