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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- How to input the 1/3 deferred income from a 2020 COVID disaster relief distribution
How to input the 1/3 deferred income from a 2020 COVID disaster relief distribution
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Sue6
Level 1
03-25-2022
08:27 PM
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Client took up to $100K distribution in 2020, elected to defer the reporting over 3 years, and repaid 1/3 of it before filing the 2020 return, so no tax implication in 2020 and form 8915-E filed. For 2021, taxpayer has opted to recognize the next 1/3 in income. Lacerte correctly shows the carry over information from 2020, but I cannot find a means of inputting the 1/3 taxable amount for 2021. Where is this input?
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joshuabarksatlc
Level 10
03-26-2022
01:11 AM
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Lacerte Screen 13.1
Window on the left 1099-R, above the name of the payer, click the "Disaster Carryovers", it will take you to a special rabbit hole for 8915F Form.
I come here for kudos and IRonMaN's jokes.
