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360 Tax Martin
Level 3

If an individual made a withdrawal from a retirement account in 2020 and has withheld federal taxes on this, is there a way to spread the federal taxes over the 3 year period with the 8915E or must these be claimed/refunded in 2020? If so, how can this be done in Pro-Connect Tax Online? Thank you!

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3 Comments 3
Level 15

Entry: https://proconnect.intuit.com/community/form-1099-r/help/how-to-enter-coronavirus-related-retirement...

The withholding is a tax payment; it doesn't relate to taxes owed. You just fill in the tax form for how you want treatment. Then, any payments made on their behalf through any combination of withholding and estimates, will be used as always = against taxes owed or overpaid.


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Level 15

The withheld taxes all go on the 2020 tax return.  No, there is not a way to spread out the withheld taxes. 

Your client may need to make Estimated Tax payments for the next two years (or have more withholding taxed from their paychecks).

Level 15

If they have an overpayment on 2020, they can apply it to 2021 estimated tax.